Swedish furniture major IKEA is set to foray in India by opening its first store at Hyderabad on July 19.
Almost five years back, the company got a go-ahead from the government for its Rs 10,500 crore investment plan for setting up stores in India. The Hyderabad store has come up with an investment of Rs 1,000 crore.
According to a company spokesperson, IKEA aims to reach 200 million customers in India in the next three years.
She said there would be 1,000 direct and 1,500 indirect employment at the store and 50 per cent of them would be women.
At present, 20 per cent of the IKEA products are locally sourced and the long-term goal is to source 50 per cent or more, she added.
"In the long term, IKEA will focus on becoming a multichannel retailer of choice with big and small format stores and online presence (with) up to 30 big and small format stores by 2025," she said.
Going further, the company will launch stores in Mumbai, Bangalore, Delhi-NCR, Ahmedabad, Surat, Pune, Chennai and Kolkata.
"In the long term, we will expand in 40 plus Indian
cites," the spokesperson said.
The company would also start online sales in 2019 from Mumbai, which will have a company store next year.
Although the company is sourcing from India from last 40 years, this would be its first presence in the single brand retail format here.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)