The Swedish brand’s Indian foray created a lot of excitement last year. Peter Betzel, CEO of IKEA India, discusses the brand’s journey so far as well as what it takes to be relevant in a constantly-evolving market and making a social impact while doing so. What makes India a good test case for IKEA worldwide; please give some insights on the India journey? Our ambition is to build a unique, loved and meaningful IKEA in India. Our strong foundation in India over the [...]
IKEA to set up in Bengaluru
Swedish furniture giant IKEA has finalised Bengaluru as the base for its third Indian store after Hyderabad and Mumbai.
The company has announced plans for 25 stores in India by 2025, with the first set to open in Hyderabad early next year.
In Bengaluru, the firm has acquired a 14-acre land parcel from the Bangalore Metro Rail Corporation at Nagasandra on Tumkur road. The IKEA store in Bengaluru is expected to have more than 5 million visitors per year and will be connected to the Nagasandra metro station to offer easy access for the customers.
Karnataka Chief Minister Siddaramaiah said in a statement: “IKEA will bring best business practices, many employment opportunities, infrastructure development and contribute to the growth of the retail sector in the State. IKEA will work as a catalyst in our development plans.”
IKEA India CEO Juvencio Maeztu added: “Karnataka is a highly strategic and important market for IKEA. Along with retail stores, IKEA’s purchasing team will also grow local sourcing and engage with local artisan and communities in many projects.”
As Swedish retail giant IKEA gets set to open up its first India store in Hyderabad this year, ‘India Investment Journal’ catches up with IKEA India’s Deputy Country Manager Patrik Antoni to see how the New Year is likely to pan out for the company. How do you view 2017 for the company in India? Very exciting times as we are working towards opening our first India store in Hyderabad by end 2017. Many people in India will soon have [...]