Swedish home furnishing retailer IKEA is eyeing to inject a capital of Rs. 3,000 crores in the coming three years in a bid to launch three fulfilment centres in Tier I region in India, targeting Delhi, Mumbai and Bangalore.
Notably after the successful launch of its debut store in Hyderabad recently, IKEA is all set to launch its second exclusive store in Mumbai by the end of this year. The company’s Deputy Country Manager, for its Indian arm, Patrik Antony, further marked out that the next store will be launched in Delhi.
“We have set a goal to launch 25 stores across the country in the coming seven years while focussing on both the aspects; online and offline, to cater to the rapidly increasing demand among the customers in the region,” Patrik said.
It is important to add here that the Indian furniture market is expected to touch US $ 27 billion by the year 2022, offering a great opportunity for furniture exporters around the world to explore, a report by Hong Kong Trade Development Council (HKTDC) stated.
In a bid to make the most of this growing market, other big furnishing labels have also shown their keen interest in the Indian market. Earlier this year, Italy-based leading global fashion house Gianni Versace too announced its plan to soon offer its furniture collection in the Indian market.
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