Ikea accelerates India expansion

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.

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. 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 per cent -- to at least 30 per cent to meet local regulations. Betzel said that was “absolutely" achievable.

The Swedish furniture giant, known for its minimalistic aesthetics, is now making up for lost time as the Indian economy begins to rebound from the pandemic-induced recession and new COVID-19 infections slow down in the world’s second-worst hit nation.