Swedish furniture retailer Ikea has acquired land in Bengaluru from the Bangalore Metro Rail Corporation for an undisclosed sum as part of its plans to start retail operations in India.
Aggressive opening of stores across the country is just the tip of Swedish furnishing giant, IKEA's India strategy. CNBC-TV18's Priya Sheth reported that the key component of IKEA's strategy is to stock items and brands that strike a chord with Indian customers and culture.
The store's ground-breaking ceremony took place at Turbhe in Navi Mumbai today in the presence of Maharashtra Chief Minister Devendra Fadnavis.
"Maharashtra will be one of the key markets for us, and we have plans to open 5-6 stores across the state, going forward," Patrik Antoni, deputy country manager for Ikea India, told PTI here at the headquarters of the world's largest furniture retailer.
"The IKEA Foundation's commitment of euro 2.9 million will enable the girls to not only pursue and complete their education, but also help them become confident young individuals who become financially independent members of society," IKEA Foundation said in a statement.
Global home furnishing retailer Ikea today conducted a multi stakeholder workshop in the city to co-create its Maharashtra strategy.
The company's wholly-owned subsidiary will invest Rs 325 crore to expand its quartz surfaces production output by 130 percent
The grant of 5.3 million euros from the IKEA Foundation will help poor families in India and Kenya to improve homes through access to small loans and affordable, eco-friendly building materials and services, a statement said.
The company, which follows September-August calender, said its expansion plans to open first stores in India and Serbia are on track.
Besides, the company would explore cities such as Chennai, Pune, Surat, Ahmedabad for its expansion after setting up stores (first) in Hyderabad followed by Mumbai, Delhi-NCR and Bangalore.
Antoni, 49, would be responsible for property, human resources, customer services, communication and sustainability, and would report to IKEA India CEO Juvencio Maeztu.
Welspun India lost more than a third of its market cap in two days after its US client Target Corp cancelled its contract. The client alleged that Welspun sold pillowcases with non-premium cotton, instead of Egyptian variety. Even as other clients have launched a probe, Moneycontrol tries to find out if the textile maker is in trouble.
Global retail majors Walmart and JCPenney are investigating textiles sourced from Welspun India for product integrity, while IKEA is awaiting the outcome of a probe by the Indian firm in the wake of lapses in its supplies to US-based Target.
Walmart is reviewing cotton certification records of Welspun India while IKEA will continue business ties "as usual" with the textiles supplier till the outcome of an ongoing probe by the Gujarat-based firm over lapses in its supplies to US-based Target.
Swedish furniture retail major IKEA today said it will continue its business collaboration "as usual" with Welspun India till the outcome of an ongoing investigation by the Gujarat-based firm over lapses in its supplies to US-based Target.
Hyderabad store to open by next year end; have already bought land to open shop in Mumbai, says IKEA CEO, Juvencio Maeztu.
He also said the sector is showing good signs of increasing business prospects with many unorganised players moving out and creating scope for organised players.
According to the official, the Swedish firm is planning to build a 400,000 square foot store in Hyderabad, which will also include a 1,000-seater restaurant serving Swedish cuisine, besides Indian and others.
"Ikea is starting to invest now. They have bought a big piece of land for Rs 400 crore in Navi Mumbai for their store," said Apurva Chandra, Principal Secretary - Industries, Maharashtra government.
Swedish furniture retailer Ikea is recalling children's safety gates because the locking mechanism is unreliable and may result in injury to children
The company, which is working with around four lakh farmers in India through local partners under its better cotton initiative (BCI) programme, is sourcing almost one-third of its global requirements from India.
Upbeat on infrastructure growth in India, Swedish furniture giant IKEA has evinced keen interest in a proposed cluster at Kandla port and sought 450 acres for the same, Union Minister Nitin Gadkari said on June 7
The IKEA store in Mumbai is planned to be of around 4,00,000 square feet and is expected to have an over 5 million visitors per year, indicative of the company's large expansion plans in the country.
The IKEA Group announced the plan to transfer ownership of some operating entities to a small Delftâ€“based company which owns the IKEA brand last June. However, the 250-word statement attracted little attention.
Swedish furniture retailing giant IKEA will open its first store in India at Hyderabad in the second half of 2017 even as it scouts for more sites in Delhi-NCR, Mumbai and Bengaluru.