INDIA > IKEA plans 25 stores in India over 10 years

IKEA Group, the Swedish home furnishing company, is planning to invest US$ 105 Million (INR. 700 Crore) on just the Hyderabad store location that spans 400,000 sq feet. It plans to attract 5-6 million customer every year in this particular store.

IKEA plans to open 25 other stores in the coming decade while doubling its sourcing from India by the year 2020. IKEA currently sources textile and rugs in the amount of US$ 335 Million from India, which it plans to increase by up to US$ 670 Million.

Following the launch of its Hyderabad’s store, IKEA plans to launch its next store in Mumbai where it has already purchased 24 acre land. IKEA then plans to open stores in Bengaluru and Delhi with a goal of 3 retail stores every year.

For more than 3 years, IKEA has been pushing to enter India, but now it has finally broken ground. It want to capitalized on the $600 Billion retail market. The positively changing FDI policy over the last few year have also helped IKEA move forward with their plan in India.