IKEA Accelerates Indian Expansion with New Stores and Enhanced Local Sourcing

At the World Economic Forum (WEF) in Davos, Ingka Group's Deputy CEO, Management Board member, and CFO, Juvencio Maeztu, spoke about IKEA's aggressive expansion plans for India. The company will soon start selling online in the Delhi NCR region as part of its strategy to expand to 62 new cities across the country.

The company is scouting for new locations to open physical stores in states like Karnataka, Maharashtra, and Tamil Nadu, besides its existing stores in Mumbai, Hyderabad, and Bangalore.

The focus, according to Maeztu, is on affordability and sustainability of living for consumers. "We are investing in setting the conditions for long-term affordability in India," he said. He also said that over 30% of IKEA's sales in India are now through e-commerce and will increase their online presence very much.

In terms of sustainability, Maeztu also highlighted the efforts of IKEA to reduce its environmental impact, with 90% of deliveries in cities like Pune, Hyderabad, and Bangalore made using electric vehicles.

Source: CNBC TV18