A PYMNTS Company

South Korea: Ikea challenged on price hike allegations

 |  November 25, 2014

Swedish discount furniture chain Ikea is under fire in South Korea for its not-so-cheap prices, say reports.

The nation’s Fair Trade Commission announced Monday that it would investigation claims that Ikea unfairly charges customers more in South Korea than in other parts of the world. The Swedish company only entered the South Korean market last March, after which it was quickly met with claims of inflated prices.

But following the allegations, Ikea defended itself, claiming it sets prices based on exchange rates, taxes and logistical costs, all factors that lead to fair prices.

The KFTC will investigate the claims but did not elaborate further on the case.

Full content: Korea Times US

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.