Soon after completing its initial investment of Rs 10,500 crore, Swedish furniture giant, IKEA plans to initiate a fresh round of investment in India.
The company plans to expand its presence, increase sourcing from India, and cater to the growing demand for home furnishing in the country.
Currently, IKEA operates stores in Hyderabad, Mumbai, and Bengaluru, with two more planned in Delhi-NCR by 2025. The retailer plans to set up new stores in Pune, Chennai, Kolkata, Lucknow and Chandigarh..
Committed to boost local sourcing, IKEA has a current 33 per cent share in local sourcing which it plans to raise further. The company sees potential for growth in textiles, plastics, metals, and wood-based furniture production in India.
Online sales contribute significantly to IKEA's India business, accounting for 25 per cent of total sales.
