Furniture retailer Ikea India on Thursday said it will shut down its store in Mumbai's R City Mall by the middle of this year and explore omnichannel formats in the city. The store at R City Mall, which is spread across 72,000 sq ft, opened in June 2022 to test the viability of small-format stores. The company's plan to shut down the store illustrates the concerns surrounding the viability of running a small-format store, given the rising rentals.
Global home decor and furniture retailer IKEA has ambitions to increase sourcing from India to 50 per cent, Swedish trade minister Benjamin Dousa said on Wednesday. IKEA's sourcing basket includes textiles, plastics, and metals, among others, and the company plans to add more items.
Patience has kept IKEA, the euro 27-billion Swedish retailer, going despite entry hurdles. So says Juvencio Maeztu, its chief executive officer for India.
Patience has kept IKEA, the euro 27-billion Swedish retailer, going despite entry hurdles. So says Juvencio Maeztu, its chief executive officer for India.
Swedish furniture giant IKEA is set to launch its first small-format city store at Worli, Mumbai, on Thursday. IKEA, which is part of the Ingka Group, had set up its first store in the country in Hyderabad in August 2018, which was followed by a store in Navi Mumbai in December last year. The company has an online presence across Hyderabad, Mumbai, Bengaluru, Surat, Ahmedabad and Vadodara.
The devil is always in the detail. Closer scrutiny of IKEA's India entry application makes it clear the celebrations may have been premature, as the euro 25-billion Scandinavian furniture major virtually wants an overhaul of the single-brand retail FDI policy.
Next in line will be mega stores in cities such as Gurgaon and Bengaluru, though timelines for launch have not been specified yet. The company will also launch two more city-centre or smaller stores in 2021 in Mumbai to reach a wider audience.
Ikea not ready to open first India store yet, postpones launch to August 9. Around 45,000 visitors are expected at the store on the earlier launch day.
Store will directly employ 500-700 people, half of them women, and create 1,500 jobs indirectly
Swedish furnishing major IKEA, part of the Ingka Group, is inviting its investment arm - Ingka Investments - to India, a senior company executive said during an interaction in New Delhi. The move suggests that the group is looking at India as a priority market. The areas of investments being considered by Ingka Investments could range from taking stake in companies across sectors such as renewables, recycling, real estate, and software which synergise with IKEA's broader retail requirements.
The company, which has employed 950 people directly and another 1,500 indirectly at its store in Hyderabad, plans to hire 15,000 in the coming years as it expands operations in India.
Pricing isn't at the heart of Ikea's strategy. It is understanding how Indians live.
Two months after the launch of its first store in the country, Swedish furniture retail giant IKEA says it has seen some surprising behaviour from shoppers and is tweaking its business model. Peter Betzel, chief executive of IKEA India, speaks to Bibhu Ranjan Mishra & Alnoor Peermohamed.
The company's plan was conveyed by IKEA chief executive officer Mikael Ohlsson, who met Commerce and Industry Minister Anand Sharma in New Delhi on Monday, sources said.
Tweaking its range and showrooms and adding services to accommodate new cultures.
Three Indian companies registered with the Registrar of Companies use the same brand name.
Recently, Prime Minister Narendra Modi had given a call to industry to 'Make in India' in a move to step up the country's manufacturing strength.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
The company is hunting for the right location at the right price in major cities
Earlier govt said it won't allow it to sell items such as textile products and office supplies.
After clearance in 2012, single-brand showpiece still to decide on a single location, with first store unlikely before 2017.
Team scouting for space on outskirts of metros.
Govt recently relaxed sourcing norms for FDI in single brand retail.
The first IKEA store in India is unlikely to come up during the second term of the United Progressive Alliance government, which ends in May 2014, as the euro 25-billion Swedish furniture major takes "years" to set up shop in a new country after securing the necessary approvals.
Eighteen of 30 product categories proposed by Swedish furniture major struck off.
IKEA's proposal was withdrawn from the December 31 meeting agenda of the Foreign Investment Promotion Board, as more information was sought from the company regarding its foreign direct investment plans in India.
CCEA approves its Rs 10,500-cr investment in India.
While raising the foreign direct investment limit to 100 per cent in the single-brand retail segment six months earlier, the government asked retail chains with over 51 per cent foreign investment to source at least 30 per cent of the value of products sold in the country from Indian small/village/cottage industries, artisans and craftsmen.
FIPB likely to allow cafs and restaurants in its review of conditional approval on December 31.
The Finance Ministry on Saturday said there is no dilution of the permission granted to the Swedish furniture major Ikea to set up its business in India, as the Rs 10,500 crore (Rs 105 billion) investment proposal is limited to only single brand retailing.
Out of the total grant of $ 31.5 million, $ 16.1 million will be utilised towards empowering adolescents in Afghanistan, India and Pakistan to take responsibility over decisions impacting their lives and societies.
The Euro 25-billion firm can now set up furniture stores in India, along with restaurants and cafes, in line with its global concept.
When IKEA's CEO & India's industry minister sealed a deal in-principle last year, foreign investors took note.
DEA official writes to DIPP suggesting that govt needs to understand what has been left out, and why, in the revised application of the retailer.
The retail company has sought approval to invest Rs 10,500 crore to set up single-brand retail stores in the country.
IKEA, the euro 25-billion Scandinavian retailer, wants some alterations in the guidelines for foreign investment in single-brand retail before it invests in India.
So, the fight is for the signature cafe, restaurant and the Swedish meat ball IKEA is known for, besides its furniture stores.
The company is likely to sign a MoU with the Yogi Adityanath government for opening retail stores in the important towns of the state.
Swedish firm IKEA has rubbished India's retail success claims. It is of the opinion that India is not yet ready for big retailers.
Agenda for FIPB meeting on Jan 18 doesn't mention its application.
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