IKEA will likely expand its presence in India with plans to launch online sales in the Delhi NCR region as part of its strategy to reach 62 new cities across the country.
Juvencio Maeztu, Deputy CEO, Management Board member, and CFO of Ingka Group (IKEA), shared these details in an interview with CNBC-TV18 at the World Economic Forum (WEF) in Davos.
Maeztu stated, “We are building, as we speak, two very big shopping centers, one in Guru Granth and the other one in Noida. And this big shopping center will have an IKEA store. It’s already under construction, this exciting project, and we will soon open online sales of IKEA in Delhi NCR as well.”
In addition to expanding online sales, IKEA is looking for new locations to open physical stores in states such as Karnataka, Maharashtra, and Tamil Nadu. These new stores will complement IKEA’s existing stores in cities like Mumbai, Hyderabad, and Bangalore.
Maeztu emphasized IKEA’s long-term commitment to India, focusing on creating affordable and sustainable living solutions for consumers.
“We are investing in setting the conditions for long-term affordability in India,” he asserted.
Notably, over 30% of IKEA’s sales in India now come from e-commerce, and the company aims to grow this figure significantly.
Sourcing is also central to IKEA’s growth strategy in India. The company currently sources 30% of its products locally and plans to increase this to 50%.
Maeztu noted, “We are sourcing 100% of the food range, which is fantastic. And we are now determined to go to the 50% now. And we are working now in the good discussion with conversation with the government, to try to have harmonized standard so we can produce more in India, so we can both use for domestic consumption, but we can export more from India.”
Sustainability efforts are also a key focus for IKEA in India. Maeztu stated that electric vehicles make up 90% of deliveries in cities like Pune, Hyderabad, and Bangalore.
The company is also on track to achieve 100% renewable energy usage in its Indian operations by this year.
Also Read: India Set To Account For 16% Of Global Consumption By 2050: McKinsey Report
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