Ikea to open first store in India

Ikea has started constructing its first store in India. Scheduled to open by the end of 2017, the Swedish furniture chain is hoping to overcome the challenges that prevented other international players successfully cracking the market.
 

Attracting international retail experience to India has been difficult and controversial but Ikea has promised a long term relationship with the country and its consumers – it has pledged over $1.5 billion

Other global retailers like Wal-Mart and Carrefour  abandoned plans to grow in India but Ikea is cementing its commitment with a symbolic stone wall on its new plot in Hyderabad.
 

Juvencio Maeztu, Ikea’s India chief executive said: "We have to lead business with reality. We cannot lead business with only PowerPoints and Excel sheets and documents. We are extremely obsessed in life at home."

Maetzu and his teams have conducted extensive research into the Indian furniture retail market, and have visited more than 500 homes in the area to understand the needs of the market.

They discovered that, while the older generations were willing to wait for furniture to be handmade, younger people desired a more instant furniture fix India’s home furniture industry is estimated to be worth $20 billion and is growing quickly.
 

Read the August issue of Business Review Australia & Asia.

Follow @BizRevAsia and @MrNLon on Twitter.

Business Review Asia is also on Facebook. 

SOURCE: [BBC]

<a href="http://www.shutterstock.com/gallery-632995p1.html?cr=00&pl=edit-00">saisnaps</a> / <a href="http://www.shutterstock.com/editorial?cr=00&pl=edit-00">Shutterstock.com</a> 

Share
Share

Featured Articles

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

From office shut-downs and extra days off, to shorter weeks and work-from-anywhere policies, flexibility is the work perk must-have for summer – and beyond

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology

People Moves: Pine Labs, Deutsche Bank, McKinsey, Fortinet

Leadership & Strategy