Ikea plans to source more from India

27 Feb '15

1 min read

Home furnishings company Ikea is planning to increase its sourcing from India and expanding its supplier base in the country.

Juvencio Maeztu, executive officer of Ikea’s Indian arm met Amitabh Kant, secretary, department of industrial policy and promotion, and other officials of the commerce ministry and shared plans to increase sourcing from India.

Talking to reporters after the meeting, Maeztu said: “We have shared our plans to make more (in India) and we are now in contact to increase our supplier base.”

The Swedish company was the first major single brand retailer to get FDI approval from the Indian Government, and had announced a new ‘Make More in India’ initiative in December 2014.

The initiative aims at inviting potential partners and to expand Ikea’s supplier base in India. It also aims at increasing the categories of home furnishing products sourced in India.

Ikea currently has around 50 suppliers in India and it sources around €315 million worth of goods annually, and it plans to double this amount by 2020.

The company has also announced plans to invest Rs 12,500 crore in India over the next decade to set up 25 stores starting with cities like Delhi, Mumbai, Bengaluru and Hyderabad. (RKS)

Fibre2fashion News Desk - India

More Textiles News - India...