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IKEA to Expand Aggressively in India

IKEA to Expand Aggressively in India

Sourcing from India for 30 years for its global stores, Swedish home furnishing company, IKEA, plans to double its sourcing from India to 600 million euros by 2020. About 70 percent of the current sourcing is in textiles and rugs.

To be part of the $600 billion Indian retail market, IKEA has pledged to invest over $1.5 billion in India over the next 10 years, reports Shilpa Kannan of BBC.

Ikea Store

The company also plans to launch 25 stores in the next 10 years in India, and it will invest $110 million on its first store in the southern city of Hyderabad that will span over 400,000 sq feet, reports The Hindu. Construction work has begun on a 13 acre plot of land.

IKEA India CEO Juvencio Maeztu told reporters that this will be followed by opening more stores in the cities of Mumbai, Banalore and Delhi NCR. He said the company will open two to three retail stores every year. Ahmedabad, Chennai, Kolkatta, Pune and Surat are the other cities IKEA is looking at. Some major cities may get more than one store, he added.

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