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Jeff Bezos, Lauren Sanchez seek massive payout from her brother in lawsuit - here's all about the legal drama

Jeff Bezos, Lauren Sanchez seek massive payout from her brother in lawsuit - here's all about the legal drama

Time of India2 days ago
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IKEA plans new India investment phase, stores in Chennai and Pune next
IKEA plans new India investment phase, stores in Chennai and Pune next

Business Standard

time2 hours ago

  • Business Standard

IKEA plans new India investment phase, stores in Chennai and Pune next

Swedish furniture giant IKEA, which entered the north Indian market on Wednesday with its first store in Delhi's Pacific Mall, is preparing to announce its next phase of investment in India after utilising its initial ₹10,500 crore allocation. New large-format stores are planned for Chennai and Pune, according to The Economic Times. The company will also continue rolling out smaller city stores, said Patrik Antoni, IKEA India's newly appointed Chief Executive Officer. 'The investment numbers will come together with the expansion plans. We are trying to nail it down and will be able to announce it in the coming months,' Antoni said. Ingka centres in Gurugram and Noida The Ingka Group, of which IKEA is a part, is investing over $7,500 crore to develop Ingka centres in Gurugram and Noida. These will feature both office and retail spaces alongside an IKEA store. The Gurugram and Noida centres are expected to open in 2026 and 2028, respectively. IKEA opens first store in Delhi IKEA's new outlet in Pacific Mall, Tagore Garden, spans over 15,000 sq. ft and offers more than 2,000 products on display, with around 800 available for immediate purchase. Earlier in April, the company opened its first 'Plan & Order Point' (PaOP) in India, in Bengaluru, where customers can get expert advice in planning their rooms or homes. Growth potential in the Indian market Antoni told PTI that IKEA sees growth potential in India over the next three decades, driven by economic growth, a demographic dividend, and young families entering the consuming class. The company aims to increase local sourcing from 30 per cent to 50 per cent over the next five years for its retail operations. Second phase of growth with omnichannel strategy According to Antoni, IKEA is now in its second growth phase in India, pursuing an omnichannel approach that combines large-format stores with smaller city outlets. Online sales currently account for about 30 per cent of the company's revenue.

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