Ikea sees Indian market as a priority, plans further investments
Homeware business Ikea plans to invest over Rs 10,500 crore ($1.58 billion) in its Indian operations, seeing the market as a global priority.
“If we need more investments in the future and continue to be successful in India where we are committed, we can extend the investments whenever needed,” Ikea India’s managing director, Peter Betzel, told the Times of India, showing the Swedish business’ commitment to the country.
After recently opening a large format store in Navi Mumbai by the Turbhe local railway station, its second in India, Ikea also plans to open two smaller format stores in Mumbai in 2021, as well as a store and commercial project in Noida.
India has become one of Ikea’s fastest growing markets, TNN reported. In order to expand its logistics capacity in India, Ikea also plans to add to its current fulfilment centre in Pune with new centres in Bengaluru and Delhi.
“This wonderful country of 1.3 billion people is one of the priority markets for Ikea and we are in an early stage in India,” said Betzel. “India is an emerging country but it is also one of the fastest-growing economies.”
Ikea’s focus on India is also part of its plan to contribute to the country becoming a global manufacturing hub for furniture. The business has also partnered with the Union Government to this end.
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