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Furniture Major IKEA
Global furniture retailer Ikea is looking for the next round of investments in its priority market India as it enters the second phase of growth, its India CEO Susanne Pulverer said. Ikea will open small-format stores with a retail area of 30,000 to 70,000 square feet, in the adjacent markets of its existing and coming large-format stores besides growing its online presence here, she added. "We have done phase one, where we invested in the three first markets in four stores. We have taken the learnings. We have seen and learned even more from the Indian consumers, and now we take that to the next phase of the investment and expanding in India," Pulverer told PTI. Ikea's next destination is Delhi-NCR, where it will first start online sales in the first quarter of 2025 and then open its first physical store at its first 'Lykli' centre, which would come up in Gurugram in 2026. Currently, Ikea has large format stores in India at Hyderabad (4.8 lakh sq ft), Navi Mumbai (5.3 lakh sq ft)
Swedish furniture retailer IKEA is looking at the next round of investment in India after exhausting its commitment of Rs 10,500 crore when it entered the country 10 years back, according to the company's India CEO Susanne Pulverer. The company, which kicked off its retail operations in India with the opening of its first store in Hyderabad in August 2018, is currently setting up projects in Delhi-NCR that are expected to open in 2025 and will complete its committed investment for 10 years. "This first investment that we committed is booked with the projects in NCR. So with that, we have exhausted the Rs 10,500 crore and we are looking at the next level of investment to further build IKEA presence in India, to expand volumes and increase sourcing. So that is in the plan making and we will announce more when we are ready. The plans are being formulated, and we will make announcements when ready," Pulverer told PTI. In 2013, the government approved a Rs 10,500 crore FDI proposal by Ik
Leading furniture retailer Ikea has introduced doorstep delivery facility in 62 new markets in India, and the company expects online demand to go up in the coming years, the company's India CEO Susanne Pulverer said. At present, Ikea India gets around 25 per cent of its sales through online channels. The company will soon launch its Shop By Phone assistance service, she said. This is part of the approach of the entire Ikea brand evolving towards an omnichannel approach globally, acknowledging the challenges of people having less time and the importance of convenience in their purchasing decisions, said Pulverer. "It (online sales) is around 25 per cent of our total turnover. We believe there is potential for further growth both in terms of market share and overall sales," Pulverer told PTI. The 62 new markets are spread across Maharashtra, Karnataka, Andhra Pradesh, and Telangana, which would be served from its nearby stores. The nature of Ikea business is such that customers seek
Swedish furniture maker Ikea is looking for omnichannel expansion with diverse retail formats besides kicking off online operations in Delhi-NCR by the end of 2024 as it enters the second phase of growth in the Indian market. According to company India CEO Susanne Pulverer, Ikea is now planning to expand its operations by adding more stores to its network and considering new locations such as Pune and Chennai and increasing local sourcing making products more affordable here. Ikea, which has completed five years of retail operations after opening its first store in Hyderabad on August 9, 2018, plans to increase its employee count to 10,000 from 3,000 in the coming years. Besides, the company which sources from India for its global retail operation, is expanding its scope and looking into a big category with wood-based products here. "Our next growth phase in India looks very promising and full of opportunities. IKEA is committed to India and here for the long term. We are looking a
Representatives from Swedish furniture major IKEA today met Commerce & Industry Minister Suresh Prabhu here, as the company looks to ramp up its presence in India. However, IKEA has not sought any relaxation in local sourcing norms from the Union Government, and is confident that by 2022, 30 per cent of the products it sells in India will be sourced locally. "We are positive about the change that happened over a year ago (on local sourcing norms) when it moved from first investment/first store opening to five years of first store opening," Patrik Antoni, Deputy Country Manager, IKEA India, told PTI after meeting the minister. The company is set to open its flagship store in India by next year, and is in talks with Telangana, Karnataka, Maharashtra for sourcing wood for furniture. The Swedish company earlier said it will recruit about 800 people for the store which will come up in Hyderabad.