IKEA to invest Rs 2,000 crore in its Bengaluru store
IKEA to invest Rs 2,000 crore in its Bengaluru store
Ikea plans to become part of the furniture in all corners of world
13 October, 2018, 00:47
Last year Ikea's United Kingdom profits slumped by almost 40% to £87m, a decline blamed on higher wages and the cost of investments in its stores and website.
Ikea plans to expand to about a dozen new markets in the coming years, including branching into South America, as the Swedish furniture giant aims to reach a total of three billion potential customers by 2025.
Best known for its low-priced flat-pack furniture and sprawling out-of-town stores, Ikea opened 19 new outlets around the globe, including its first in India and Latvia in August.
"Bengalore is a special city for us as we have active participation from our total value chain - IKEA Foundation, IKEA suppliers, IKEA social entrepreneurs and now IKEA retail". It also plans to start selling products to consumers in Mexico, Estonia, Ukraine, Puerto Rico, Oman, Luxembourg, Macau and the Philippines as it seeks to reinforce its dominance as the world's leading furniture retailer.
Peter Betzel, CEO, IKEA India said Karnataka was a priority market for the co-mpany and it would invest Rs 2,000 crore here: Rs 1,000 crore will go into the construction of the store while rest will be used in setting up multi-channel formats including meeting places and experiential sto-res.
"We're exploring new store formats in city centres - all with the aim to improve the meeting with our customers both physically and digitally", said Jesper Brodin, CEO of Ikea's Ingka Group, which operates Ikea stores in the US, Europe, China and other worldwide markets. This year alone, the company rose 1.3 per cent to 38.8 billion euros ($44.5 billion) from 38.3 billion euros a year earlier, the company said in a statement on Thursday. "We will introduce smaller store formats and offer a wide range of flexible and affordable services", Inter Ikea Chief Executive Officer Torbjorn Loof said in the statement.
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Ikea is known for its flat packs, but sales are far from flat - at least at new stores, like this one in Madrid.
After making its Indian debut in Hyderabad, Ikea is now set to launch its first e-commerce store in Mumbai by 2019.
Growth was in line with the previous year as almost flat sales at existing stores was offset by a 31 percent jump in online sales. "It will be a faster and bigger expansion than when we've entered new markets before". Nine stores are planned in the region over a 10 year period.
Online sales accounted for 5 percent of turnover.
In reported currencies, that was 1 percent higher than a year earlier.
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