Ike News

Jesper Brodin, Global CEO of Ingka Group emphasised India's significance due to its size, adding that Ikea's global vision aligns with the characteristics of the Indian market, aiming to serve a large population with substantial needs at affordable prices.

Announcement comes as pandemic-fuelled shortages and shipping challenges ramp up inflation and pinch economies globally, with consumers increasingly feeling the bite

Those with positive results for the antigen tests will have to take the RTPCR test to confirm Covid-19 infectionPeople who have been fully vaccinated need not go for the antigen test

Two former Ikea France executives were convicted and fined over the scheme and given suspended prison sentences

Jon Abrahamsson Ring, chief executive since March, told Reuters sales at stores open for a year or more shrank around 10%, against a 1% rise the year beforeIngka Group, the main IKEA franchisee, said separately that sales at its 378 stores shrank 4% in the fiscal year to 35.2 billion euros

IKEA, which is planning to open stores in Mumbai, Bengaluru and Delhi/NCR, is now looking to have a omni-channel approach, by integrating its brick and mortar format stores with online stores.

IKEA opened its first store in Hyderabad in 2018 and its second offline presence is coming up in Mumbai

Customers in the city will however be able to shop onlineIKEA said the store will remain shut until further notice

IKEA says it is evaluating the impact of the government decision to hike import dutyThe company is looking to open big stores as well as small formats in the big cities of Mumbai, Delhi and Bengaluru

Peter Betzel, IKEA India's MD, says the company is in talks with India on the tariffsImport tax on furniture including seats, lamps and mattresses will be raised to 25% from 20%