Ikea to invest Rs 3,000 crore on its next three stores in India

By

Maverick Martins

Published
Oct 8, 2018

Swedish furniture and home accessories company Ikea will invest around Rs 3,000 crore (approx $406.7 million) to expand its retail network in the country.
 

Ikea, which entered the Indian market in August this year with its first store at Hyderabad for an investment of Rs 1,000 crore, is now gearing now up for store openings in other metros as well.
 
The furniture retailer will open its next three stores in India’s leading metro cities of Mumbai, Bengaluru, and Delhi over the next three years.

“The company would open the centres as an omni-channelling brand with large Ikea stores, city centre stores, and online presence,” deputy country manager (Management) of Ikea India Patrik Antony, was quoted as saying by PTI.
 
The company is expected to open its next store in Mumbai later this year followed by stores in Delhi and Bengaluru which is why it is strengthening its storage space in these cities.

The company has already bought land for its stores in Hyderabad, Bangalore, Mumbai, and Gurugram, and is also looking to expand into Surat, Ahmedabad, Kolkata, Chennai, and Pune.
 
“Ikea is set to open its second store in Mumbai later this year and would hold a ground-breaking ceremony on October 11 in Bengaluru. By 2025, there would be over 25 stores across cities such as Ahmedabad, Surat, Pune, Chennai and Kolkata with both online and offline approaches,” Patrik added.