Ikea moves into Colombia and Mexico

Home-furnishings retailer Ikea is planning to open stores in Colombia and Mexico, as part of a plan to enter the Latin American market.

The company has not announced whether it will operate through franchises, as it does in some locations, or through wholly-owned stores.

Chile and Peru are other likely locations for Ikea, whose only current Latin American outlet is in the Dominican Republic.

The company is seeking new growth opportunities, following expansion in recent years in China and Russia.

The world's largest furniture retailer, Ikea designs and sells ready-to-assemble furniture, kitchen appliances and home accessories in more than 400 stores in 49 countries in Europe, North America and Asia.

Inter Ikea Holding, which is headquartered in the Netherlands, had 2016 sales of 35 billion euros, equivalent to around $40 billion.