Ikea gears up to invest over Rs 10,500 crore in India
As per reports, Swedish furniture brand Ikea is all set to invest more than the Rs 10,500 crore it has already earmarked for the domestic market, as it considers India to be a priority market globally. The announcement was made on the occasion of launch of second brick-and-mortar store in Navi Mumbai, India.
The company anticipates that India is set to become one of the fastest-growing markets for the world’s largest furniture retailers. Moreover, if more investments are required in the future and the store continues to be successful, then Ikea plans to extend investments whenever needed.
Ikea’s new store is its first big format store in Maharashtra, spanning over 5.3 lakh sq ft and situated near the Turbhe local railway station. In August 2018, it opened its first retail store in Hyderabad followed by online stores in Mumbai, Hyderabad and Pune. It will open two smaller format stores in Mumbai in 2021 and is set to start work on its upcoming store in North India in Noida, which will be store-cum-commercial project.