Ikea is all set to foray into the online market in India by the first quarter of next year. The company has already announced its plans to launch its second store in the country in Mumbai later this year with another one in Bangalore in 2020.
The Sweden-based home furnishing retailer also enhanced its prior target to open 25 stores in the country by 2025 and said that the revised target is to expand the presence in 49 cities across India in around 12 years from now on.
For its maiden store in Hyderabad, Ikea invested Rs. 800 crores. Whereas, for the Bangalore store the company has said that it will invest more than Rs. 2000 crores, as it is foreseeing Karnataka as a priority market.
Peter Betzel, Chief Executive, Ikea India said in a press statement that Bangalore was a place in the country where people from all over the nation come in search of new opportunities. “With our Ikea store, we want to cater to the needs of the people living in Bangalore by offering well-structured and functional home furnishing solutions,” Peter added.
Notably, Ikea’s run in India hasn’t been as the retailer expected it to be. In less than a month after the brand forayed into the Indian market, a customer accused that he was served a caterpillar in his vegetable biriyani which caused a lot of negative publicity for the retailer.
Ikea’s Hyderabad store opening also faced a delay, from July to August, with the company citing time to fulfil ‘quality commitment’, as the reason for the same.