Swedish furniture retailer Ikea will invest Rs 3,000 crore in India’s Maharashtra state over the long-term to set up multi-format stores and experience centres, according to company deputy country manager Patrik Antoni. The company recently committed to invest Rs 750 crore over the next 2-3 years in setting up its first distribution centre in Pune.
The company could increase investments in India and Delhi-National Capital Region would be another key market for the company, a news agency report quoted Antoni as saying.Swedish furniture retailer Ikea will invest Rs 3,000 crore in India's Maharashtra state over the long-term to set up multi-format stores and experience centres, according to company deputy country manager Patrik Antoni. The company recently committed to invest Rs 750 crore over the next 2-3 years in setting up its first distribution centre in Pune.#
Initially, the company had earmarked Rs 10,500 crore to open about 25 stores in the country by 2025.
He attributed the delay in opening the first Ikea store in Hyderabad, scheduled to open early this year, to the company’s focus on safety of workers and construction quality.
The company is already working with suppliers in the areas of textiles and plastics, said its Maharashtra market manager Per Hornell. Ikea currently sources from 11 suppliers in India.
It is also exploring options to partner with state governments to source sustainable raw materials like bamboo, jute, rubber wood, banana barks and coir. Hornell said. (DS)
Fibre2Fashion News Desk – India
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