Ikea announces Rs 3,000 crore investment plan for Karnataka
Swedish furniture, home textiles, and homeware retailer Ikea has announced its plans to invest Rs 3,000 crore in the state of Karnataka over the coming few years as it sees India as having string potential for retail growth.
“Ikea is growing in India and continues to be a strong market,” said Ikea’s India CEO Susanne Pulverer, ET Bureau reported. “The large projects take time due to multiple approvals. We will have more projects coming up in Bengaluru either through a lease model or by buying land and setting up our own facilities. The company plans to focus on Bangalore, Hyderabad, Mumbai, and Delhi-NCR in the first phase of store roll out in India.”
Ikea opened its latest store in Bengaluru on June 22. The business had stated prior to the launch that it expects the retail space to attract over 70 lakh visitors per year and the store is connected to the city’s Nagasandra metro station.
Ikea’s parent company the Ingka Group sees India as a priority market for both retail and sourcing. The business plans to increase its sourcing from the country from its current rate of 27% of its total sourcing to 50% in the future.
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