Home / Knowledge / News / Textiles / Ikea plans to open first Indian store in autumn of 2017
Ikea plans to open first Indian store in autumn of 2017
16
Aug '16
Courtesy: Ikea
Courtesy: Ikea
The world's biggest furniture retailer and Swedish company Ikea broke ground for its first Indian 400,000 sq. feet store in Hyderabad, which it plans to open by the end of 2017.

Unlike most retailers which lease land or rent store space, Ikea purchases real estate and has bought 13 acres in HiTec City, the software hub of Hyderabad and will be investing Rs 700 crore on the store.

This was informed at a press conference by Juvencio Maeztu, chief executive officer of Ikea India Pvt. Ltd, who also revealed that the second store will be set up in Mumbai.

Ikea plans to open 25 stores in nine Indian cities, for which it received government approval earlier to invest Rs 10,500 crore in India under the 100 per cent foreign direct investment route.

The Hyderabad store will have around 7,500 furniture and home furnishing products and also house a 1,000-seater restaurant, apart from a day centre for children of its employees.

The retailer will directly hire 500 employees, while 1,500 persons will be indirectly employed, with 50 per cent of the staff being women.

The store's 3,000 kilowatts energy needs will be met by roof top solar panels, while all the water will be recycled and used for flushing and gardening making it a zero water waste facility. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search