IKEA Hyderabad: Swedish Debut In Indian Market

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IKEA is home furnishing specialists from Sweden that create home furnishing solutions for the many people. They put their effort to find better ways to offer affordable solutions for the everyday life at home so that, they can make your space, yours.

They know home is a love for everyone and your home is more than just furniture. It is where your day begins and ends. It is a place where everyday moments become exclusive – where dreams become a reality. The design of their products and the depth of their knowledge can make your life at home easier and more comfortable, from morning to night.

 

 

World’s largest furniture retailer IKEA finally entered India with its massive 400,000-square-foot showroom located in a 13-acre complex in Hitec City on the outskirts of Hyderabad. It will house some 7,500 products of the Swedish brand and nearly 1,000 of which would sell for less than Rs 200 a piece. Ikea expects six million customers in a year.

IKEA Group CEO Jesper Brodin said the opening of the first store in India marks a milestone in the company’s journey here which began over three decades ago through sourcing of products. “We have a long-term commitment to India, which is an important market for us,” he added. The store here is the first of 25 such outlets planned to be set up in India by 2025. In 2013, IKEA received the nod from the government to invest Rs 10,500 crore in single-brand retail.

 

 

Here are 8 facts on IKEA’s big India debut:

1. IKEA expects to welcome six million consumers every year to its store in Hitec City, on the outskirts of Hyderabad. The store is built on a 13-acre land.

 

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2. IKEA will sell 1,000 items including cutlery and toys for less than Rs. 200 at its Hyderabad store. The store will be home to about 7,500 products including the retailer’s signature DIY (Do It Yourself) furniture.

 

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3. The company is now looking at Asia and South America for its next phase of growth as sales slow in Europe and other developed markets. IKEA is betting on India’s growing middle class and plans to launch 25 stores in all major cities by 2025.

 

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4. IKEA’s entry to India comes after over a decade of planning and research. The company has made a number of changes to its offering suit the Indian needs. Alongside IKEA’s signature Billy bookcases and Poang chairs, the store will offer appliance to make idlis and also spice boxes.

 

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5. The Hyderabad store will also house a 1,000-seat cafeteria, among India’s largest. Changes have also been made to the menu to suit local tastes and sensitivities. IKEA’s most famous item is off the menu – Swedish meatballs – instead, the cafe will serve biryani and samosas and dal makhani.

 

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6. IKEA will directly employ 950 people at its store in Hyderabad and 1,500 people additional jobs will be created, Bloomberg quoted a company spokesperson as saying. The company plans to have 15,000 staff in the country by 2025. IKEA has said that half of its India workforce would be women.

 

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7. IKEA is apprehensive about its DIY model working in India and so has tied-up with UrbanClap and set up a 150-member team to help assemble furniture. The online platform helps connect consumers to local services like carpenters.

 

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8. The firm has already bought land in Hyderabad, Bengaluru, Mumbai, and Gurgaon, near Delhi. The Mumbai store will open in 2019, followed by the store in Bengaluru and Gurgaon. The other cities IKEA is looking at are Kolkata, Chennai, Pune, and Ahmedabad.

 

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The company said it was likely to open more stores, possibly some smaller stores in cities to complement their typically larger showrooms in suburbs. The company has bought land in Hyderabad, Bangalore, Mumbai, and Gurugram, and is also looking to expand into Surat, Ahmedabad, Kolkata, Chennai, and Pune. Reportedly a store in Mumbai is under construction and it is planned to open by 2019.

 

Use the comment section below and let us know what do you think about the Sweden brand debut!

EDITOR: SINGH & SHAW

TECHIE: GUPTA

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