Ikea UK is considering using bamboo and other materials to keep furniture prices down

Ikea UK has said it will consider using bamboo and other new materials for its furniture. Such a move, it said, would help keep the prices of its future products low.

Gillian Drakeford, the UK manager of Ikea, said the reason behind such a move was to help offset the negative effects it faces from the decline in the value of the pound. The UK currency that has declined considerably since the Brexit vote has led many retailers such as Unilever and Typhoo tea to increase their prices. These retailers had argued they had no choice but to pass on the increase in their import cost to consumers.

Drakeford said she could not promise that Ikea would not increase prices in the UK. She, however, said the subsidiary of the Swedish furniture maker will try its best to give the best prices to its customers.

"Prices are set against a number of factors and the value of the pound is something we follow, but it is very uncertain. Low price is one of our cornerstones.

"We are always looking for new materials in order to make sure we can give low prices for customers. At the end of the day, we are about the best price for the customers and we will do the best we can to make sure the customer gets the best price," she was quoted as saying by the Guardian.

Drakeford's comments come alongside Ikea UK reporting an 8.9% on-year increase in annual revenues to £1.7bn ($2.11bn). In a statement, the company said this marked its fifth consecutive year of sales growth. It attributed this growth to extra sales in its cooking division and its mattress section.

The improved sales for the 12 months to the end of August helped Ikea to further secure its position in the UK. It is said to now be the biggest home furnishings retailer in the country with a market share of 8.2%.

Commenting on the same, Drakeford said Ikea was "extremely proud" of UK's performance. She added that both its investment and expansion plans in the UK had not changed despite the UK's decision to leave the European Union.

"We will always stand by the decision made by people in the country...The UK is a very important market for Ikea. It is the fourth biggest market and with only 8.2% market share there is a huge opportunity to double our market share and get closer to people in the market.

"We are a long-term company so we really do see the opportunity in the UK. We are continuing with our expansion," she added.