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Home furnishing retailer IKEA to invest INR 3K Cr more in India

Sweden-based home furnishing retailer IKEA is leaving no stone unturned for its expansion in the Indian retail market. Post announcing its plans to expand online presence in the country and making it the most valued worldwide, the company has now stated that it will put in around 3,000 crore Indian rupees to set up its next three stores in the country.

It is pertinent to mention here that IKEA has already launched its Hyderabad stores where it made an investment of Rs. 1,000 crore. The furniture retailer will now open its next three stores in the metro cities of Mumbai, Bengaluru, and New Delhi over by 2021.

The Mumbai store is expected to be opened by early 2019.

“The company would open the centres as an omni-channelling brand with large Ikea stores, city centre stores, and online presence,” Patrik Antony, Country Manager (Management), IKEA India reportedly said.

IKEA will also hold a ground-breaking ceremony on October 11 in Bengaluru.

It would further have 25 stores in Ahmedabad, Surat, Pune, Chennai and Kolkata with both online and offline approaches in the time to come.

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