HYDERABAD: Swedish furniture company Ikea started the first store in India on Thursday in Hyderabad. The first store was to be inaugurated on July 19, but the company extended the date by mentioning that they wanted to ensure the quality of the service. The first store was to be opened last year but it didn’t worked. Ikea said that compared to any country in the world, there are more possibilities for rapid expansion in India.
First store with 7,500 products
The company has invested Rs 1,000 crores at the Hyderabad store. The company will sell 7,500 products through this store. The store is spread in 13 acres. The built up area is 4 Lakh square feet. By 2025, Ikea is planning to open about 25 stores in the country. Next year, the company will also step into the fast growing e-commerce segment in India. The company will open another store in Mumbai next year. After this, it will expand its chain in Bengaluru and Delhi-NCR.
Investment of Rs 4,500 crore in India so far
IKEA got approval of investment of Rs 10,500 crore in single brand retail 5 years ago. Out of this, Rs 4,500 crore has been invested in different projects. The company metioned that the online channel will be started for the convenience of customers. Small format stores will be opened in different cities.
Planning to create 15,000 Jobs
The company recruited 950 employees directly and 1,500 indirectly in India till date. There are 15,000 recruits to be done in the coming years. Ikea CEO Jesper Brodin said, “The company started 30 years ago by outsourcing of products in India, opening a first store here is a milestone, India is an important market for us.”