Ikea's Plans For India: Outlets In Bengaluru, Near Delhi, More In Mumbai
Furniture giant Ikea is accelerating its India expansion after a nationwide pandemic lockdown last year delayed the construction and opening of new stores in one of its fastest-growing markets.
"If you have a lockdown you can't continue to construct," Peter Betzel, Ikea's chief executive officer for India said in an interview. "But now we are back in full speed."
The company opened its second India store on the outskirts of Mumbai in December and another in the southern city of Bengaluru is now on course to be completed in 12 months, Betzel said, adding that he was hopeful of meeting the target of rolling out shops in 30 Indian cities within seven years.
Ikea, which opened it's first store in Hyderabad in 2018, also has just two years left to raise the ratio of goods and materials sourced from India -- currently at 22% -- to at least 30% to meet local regulations. Betzel said that was "absolutely" achievable.