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Inspite of higher taxes, IKEA to keep product prices low in India

IKEA, which will soon open its first store in the country, has decided to keep the prices of its products low even as it deals with higher taxes on imported goods. The Swedish furniture retailer, as per Indian regulations, will source at least 30 per cent of its raw materials locally within five years of operations in the country. It already sources about a fifth of its global supplies from India.

The 400,000 sq. ft. store in Hyderabad will offer 1,000 products including cutlery, stuffed toys, hangers and container boxes priced under Rs 200, cheaper than in most countries. To satisfy the Indian penchant for ready-made furniture, IKEA has set up a 150 member task force to help customers assemble furniture and is also partnering with UrbanClap, an app that connects people with a variety of service providers, including carpenters.

UrbanClap charges customers about Rs 250 ($3.64) for a 30-minute carpentry job. In comparison, TaskRabbit, the services platform acquired by IKEA in 2017, charges US shoppers a minimum of $36 for any installation job. IKEA had initially planned to open 25 stores across the nation by 2025. In June, it revealed its plan to open more stores, possibly some smaller stores in cities to complement their typically larger showrooms in suburbs. The company has bought land in Hyderabad, Bengaluru, Mumbai and Gurugram, and is also looking to expand into Surat, Ahmedabad, Kolkata, Chennai and Pune.

 

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