16 December 2022, Mumbai
Ikea plans retail stores and luxury malls in Uttar Pradesh.
Based in Sweden, Ikea is known for its affordable and wide range of well-designed, functional home furnishing products and has over 458 stores across 62 markets of the world.
In India Ikea has stores in Mumbai, Navi Mumbai, Hyderabad, Bangalore, New Delhi and Gurgaon. Ikea’s sales in India went up by 77 per cent in fiscal 2022. Total income went up by 73 per cent. Total operating expenditure, excluding interest, depreciation and amortization, was up 45 per cent.
The company’s expansion plan and operations were impacted due to the global pandemic. However the home furnishing retailer not only managed its operations in an effective way but also extended its support to society through its various partners for helping needy people and for minimising the spread of the pandemic. The company also ensured the safety of its co-workers while managing its operations.
During fiscal year 2022, Ikea continued to work on its plans towards positioning, growth and profitability of the omni-channel business in India. Ikea sees India as an important market, has almost doubled sales in India over the last year and will continue to focus on reaching people with accessible, affordable, sustainable products and solutions that are relevant to life at home in India.
