Mumbai: Swedish home furniture giant Ikea will be launching online sales in this country when it opens its second India retail store in Mumbai next year.
The company’s first store in India, a massive 400,000-sq ft facility of four floors in addition to two floors of parking in Hyderabad’s IT hub is getting its final touches.
It is scheduled for a formal opening on July 19, almost six years after the firm announced a Rs 105-billion foreign direct investment in the country. The company has invested Rs 10 billion in its Hyderabad facility.
During a preview of this store on Wednesday, Ikea’s India Chief Executive Officer Peter Betzel told the media that India was going to be a unique experience as the firm would look beyond large-format stores.
Responding to a question on target customers, Betzel said Ikea does not focus on a particular income group as the company was here for a long-term and sought to grow along with the growth of household incomes.
Ikea’s first India store has a 20 per cent local content value. The firm plans to increase the value of local outsourcing to 50 per cent eventually, according to Ikea.