IKEA to open first Indian store next week

Five years after it gained government approval to expand into India, IKEA will open the doors to its Rs 1,000 crore Hyderabad store on 19th July.

IKEA intends to invest c. Rs 10,500 crore in its Indian business and is looking to attract 200 million customers in India over the next three years. 

The store itself has created 1,000 direct jobs, 50% of which will be held by women.

Around 20% of the products in the store will be sourced locally and IKEA intends to increase this to 50% over time.

A transactional website linked to a planned Mumbai store is expected to launch in 2019.

An IKEA spokesperson said:

"In the long term, IKEA will focus on becoming a multichannel retailer of choice with big and small format stores and online presence (with) up to 30 big and small format stores by 2025," 

"In the long term, we will expand in 40 plus Indian cities."

Source : Insight DIY 

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