28 December 2022, Mumbai
Ikea plans to invest approximately Rs 4,000 crores on operations in Uttar Pradesh.
Uttar Pradesh is the most populated state in India and has over 200 million inhabitants. The area thus represents a large retail opportunity for Ikea to further establish itself in the Indian market.
Ikea specialises in home furnishings, home textiles, home décor, and accessories and currently operates brick-and-mortar stores in Indian cities including Mumbai, Navi Mumbai, Hyderabad, Bangalore, New Delhi, and Gurgaon. Globally, the business runs over 458 stores in 62 different markets and is also known for its selection of Swedish foods.
Ikea’s sales in India went up by 77 per cent in fiscal 2022. Total income went up by 73 per cent. Total operating expenditure, excluding interest, depreciation and amortization, was up 45 per cent. The company’s expansion plan and operations were impacted due to the global pandemic. However the home furnishing retailer not only managed its operations in an effective way but also extended its support to society through its various partners for helping needy people and for minimising the spread of the pandemic. The company also ensured the safety of its co-workers while managing its operations.
During fiscal year 2022, Ikea continued to work on its plans towards positioning, growth and profitability of the omni-channel business in India.
