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Ikea hunts for more suppliers in India
27 May '15
2 min read
Swedish multi-national home furnisher Ikea has started an exercise in Hyderabad to identify potential suppliers in Telangana in categories such as sofas, book shelves and mattresses as well as products made in bamboo, jute and other nature fibres, according to media reports.
A seminar organised by Ikea in Hyderabad on May 26 in collaboration with the Telangana government, was attended by more than 80 local suppliers, according to a statement issued on by the company. This was the third such seminar organised by Ikea in India following similar events in Mumbai and Bangalore in January 2015.
"Hyderabad is one of our prioritised markets, both in terms of setting up retail stores and growing the sourcing base. As Ikea is planning to open retail stores, we look at how we will holistically grow our business in India. This will include knowledge transfer and investment in skill development, as we increase employment in both supply chain and retail. We are very excited about the opportunity that Telangana offers and the strong commitment for growth in all dimensions", said Juvencio Maeztu, CEO, Ikea India.
Ikea currently sources the material worth $370 million from India, and plans to double its sourcing by 2020. It works with around 50 suppliers in India engaging approximately 400,000 co-workers directly and indirectly, according to the company.
Last year the company announced Hyderabad as one of first few locations to set up its manufacturing cum retail operations as part of the India foray. It had recently acquired land from government at Raidurg, a location surrounded by IT offices and large residential projects, at Rs 19.21 crore per acre. (SH)
A seminar organised by Ikea in Hyderabad on May 26 in collaboration with the Telangana government, was attended by more than 80 local suppliers, according to a statement issued on by the company. This was the third such seminar organised by Ikea in India following similar events in Mumbai and Bangalore in January 2015.
"Hyderabad is one of our prioritised markets, both in terms of setting up retail stores and growing the sourcing base. As Ikea is planning to open retail stores, we look at how we will holistically grow our business in India. This will include knowledge transfer and investment in skill development, as we increase employment in both supply chain and retail. We are very excited about the opportunity that Telangana offers and the strong commitment for growth in all dimensions", said Juvencio Maeztu, CEO, Ikea India.
Ikea currently sources the material worth $370 million from India, and plans to double its sourcing by 2020. It works with around 50 suppliers in India engaging approximately 400,000 co-workers directly and indirectly, according to the company.
Last year the company announced Hyderabad as one of first few locations to set up its manufacturing cum retail operations as part of the India foray. It had recently acquired land from government at Raidurg, a location surrounded by IT offices and large residential projects, at Rs 19.21 crore per acre. (SH)
Fibre2fashion News Desk – India
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