Ikea bets big on India for growth, to open three stores in Mumbai
today Nov 27, 2019
Swedish home furnishing retailer Ikea is betting big on the Indian market for growth and plans to open three new stores in the city of Mumbai next year.
Ikea will launch its flagship store in Navi Mumbai next year, which is expected to generate employment opportunities for around 1,000 people.
Over the next three years, Ikea aims to reach around 100 million people in India through its flagship stores, small stores, and e-commerce.
“India is hugely significant for Ikea globally and is seeing the company’s biggest expansion plans among new markets. Mumbai is a significant market for us, one of the top 30 cities globally and our biggest investment in India with warehousing, e-commerce and stores,” Jaxa Gohil, store manager at Ikea India, told BusinessLine.
“Accessibility, affordability, and sustainability are among its other focus areas in India. There are around 1,000 products available at less than Rs 200 ($3) per piece in India currently. As for accessibility, India will have some of Ikea’s first small-format stores globally,” she added.
Ikea had entered the Indian market with the opening of its first store in Hyderabad last year. It has set a target of 25 stores by 2025 for the Indian market.
The company also plans to expand its e-commerce business to cities like Bengaluru and Delhi after the successful launch of its e-commerce operations in Hyderabad and Mumbai.
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