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Ikea plans to more than double store count in China

Expects to have 18 by 2015, up from 8 now

New York - Ikea is increasing its investment in China by $300 million with plans to more than double of number of stores it operates here as China pushes for more domestic consumption, according to a report by Bloomberg.

The Swedish home furnishing giant will add the money to the $1.2 billion shopping center developer Inter Ikea Centre Group is investing in China over the next five years.

Inter Ikea is 49%-owned by Ikea, the report said. The retailer plans to grow its store count in the country to 18 by 2015 from eight now.

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