Swedish furniture and home accessories giant IKEA is planning to open three stores in India at Hyderabad, Navi Mumbai, and Bengaluru.
IKEA has reiterated that it will be opening its first store in Hyderabad by early 2018. The second store will come up by early 2018 in Navi Mumbai and the third store will be opened in Bengaluru by mid-2019.
The Swedish furniture major has received the go-ahead from the Karnataka government’s high-level clearance committee to set up stores in Bengaluru with an investment of more than INR 810 Cr.
Eventually, IKEA plans to have three stores in Bengaluru. The first one will be coming up next to Nagasandra metro station with a massive 4 lakh sq. ft., of floor space.
IKEA is increasing its supplier base from the existing three to six in Karnataka, with the idea of using more materials like banana fibre, coconut fiber and bamboo. However, the company had said since the volumes from India are still very low, meeting the 30% local sourcing norm is quite a challenge.