IKEA to open its first India store in Hyderabad on 19 July1 min read . Updated: 08 Jul 2018, 03:32 PM IST
Ikea has already invested 1,000 crore for its Hyderabad store and aims to reach 200 million customers in India in the next three years
New Delhi: Swedish furniture maker Ikea Ltd will open its first India store in Hyderabad on 19 July, five years after the it got approval from the government to invest ₹ 10,500 crore in the country. Ikea has already invested ₹ 1,000 crore for its Hyderabad store. It aims to reach 200 million customers in India in the next three years.
According to an Ikea India spokeswoman, the Ikea Hyderabad store would employ 1,000 people directly and 1,500 people indirectly. At present, 20% of Ikea products are locally sourced, and the long-term goal is to source 50% or more. "In the long term, Ikea will focus on becoming a multichannel retailer of choice with big and small format stores and online presence (with) up to 30 big and small format stores by 2025," she said.
Going forward, Ikea India will launch stores in Mumbai, Bengaluru, Delhi NCR, Ahmedabad, Surat, Pune, Chennai and Kolkata. "In the long term, we will expand to 40+ Indian cites," the spokeswoman said.
Ikea India would also start online sales in 2019 from Mumbai, which will have a company store next year. Although the company is sourcing from India from last 40 years, this would be its first presence in the single brand retail format here.