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Economic Times
2 days ago
- Business
- Economic Times
IKEA plans aggressive India expansion with stronger local sourcing
Global furniture retail IKEA is gearing up for its 'second wave' of growth in India, with an accelerated expansion plan backed by stronger local sourcing, robust logistics, and a deeper omnichannel strategy after investing over Rs 10,500 crore in the first phase, said Patrik Antoni, CEO, IKEA Swedish company will now add four to six new customer touchpoints in India every year, a sharp step-up from its earlier pace of opening one store every year or two. "India is not only a retail country, not only a sourcing country, but really a part of the global ecosystem for IKEA," Antoni said. "We have been focusing the expansion in six states where we already have a good supply chain set up. It's not just about pressing the button, but almost."Meanwhile, Jesper Brodin, CEO of INGKA Group, which is the biggest franchisee of Inter IKEA, stated that IKEA will adapt to the new business environment owing to the ongoing US tariff issue. 'On tariffs, there's still significant uncertainty, and while IKEA has limited ability to influence outcomes, the focus is on preparing to adapt, especially given that its supply chain is far more regional and local than many assume," Brodin said while adding that that India-EU Free Trade Agreement will be a win-win for both the sides. IKEA's upcoming stores will be a mix of large-format flagship stores like those in Hyderabad, Navi Mumbai, and Bengaluru; new outlets in Noida and Gurugram; and smaller city-centre stores, planning studios, and online platforms."The IKEA experience is no longer limited to a single visit to a large store—it's a combination of many touchpoints, more convenient and more accessible,' Antoni will be central to IKEA's India strategy. The company plans to increase local sourcing from 30% today to 50% by 2030. With partnerships already in place with 45 suppliers, many of whom export globally, IKEA is also investing in a design centre to create products tailored for Indian homes, with an emphasis on sustainable and recycled materials, including Indian wood said India's growing role as a sourcing hub strengthens IKEA's ability to balance supply chain risks."Localisation and diversification are important for us. As global trade dynamics evolve, India's position becomes even more critical in ensuring affordability and resilience in our offering,' he of IKEA's online fulfilment in India is being managed by its large-format 'blue box' stores. To prepare for scale, the company has also invested in dedicated distribution centres--one in Pune, which currently services stores across western and southern markets, and another in Gurgaon that will cater to northern stores while also handling direct-to-customer Gurgaon hub is railway-connected, part of IKEA's broader sustainability agenda. On last-mile logistics, the retailer has transitioned over 90% of its fleet to electric delivery vehicles (EDVs) and aims to reach 100% by retail, IKEA's India presence spans sourcing, a Global Capability Centre handling finance and people operations, a digital hub supporting global teams, and Ingka Centres' two large shopping centres under construction in Noida and Gurugram. Ingka Investments is also exploring renewable energy opportunities, while the IKEA Foundation has earmarked 250 million euros for climate resilience and rural livelihood projects in its expansion anchored in retail, sourcing, logistics, and sustainability, IKEA sees India as one of its most strategic markets globally, combining customer growth potential with supply chain strength. Ends (The writer is in Alhmult, Sweden at the invitation of IKEA)
Time of India
2 days ago
- Business
- Time of India
IKEA plans aggressive India expansion with stronger local sourcing
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Global furniture retail IKEA is gearing up for its 'second wave' of growth in India, with an accelerated expansion plan backed by stronger local sourcing, robust logistics, and a deeper omnichannel strategy after investing over Rs 10,500 crore in the first phase, said Patrik Antoni, CEO, IKEA Swedish company will now add four to six new customer touchpoints in India every year, a sharp step-up from its earlier pace of opening one store every year or two."India is not only a retail country, not only a sourcing country, but really a part of the global ecosystem for IKEA," Antoni said. "We have been focusing the expansion in six states where we already have a good supply chain set up. It's not just about pressing the button, but almost."Meanwhile, Jesper Brodin, CEO of INGKA Group, which is the biggest franchisee of Inter IKEA, stated that IKEA will adapt to the new business environment owing to the ongoing US tariff issue.'On tariffs, there's still significant uncertainty, and while IKEA has limited ability to influence outcomes, the focus is on preparing to adapt, especially given that its supply chain is far more regional and local than many assume," Brodin said while adding that that India-EU Free Trade Agreement will be a win-win for both the upcoming stores will be a mix of large-format flagship stores like those in Hyderabad, Navi Mumbai, and Bengaluru; new outlets in Noida and Gurugram; and smaller city-centre stores, planning studios, and online platforms."The IKEA experience is no longer limited to a single visit to a large store—it's a combination of many touchpoints, more convenient and more accessible,' Antoni will be central to IKEA's India strategy. The company plans to increase local sourcing from 30% today to 50% by 2030. With partnerships already in place with 45 suppliers, many of whom export globally, IKEA is also investing in a design centre to create products tailored for Indian homes, with an emphasis on sustainable and recycled materials, including Indian wood said India's growing role as a sourcing hub strengthens IKEA's ability to balance supply chain risks."Localisation and diversification are important for us. As global trade dynamics evolve, India's position becomes even more critical in ensuring affordability and resilience in our offering,' he of IKEA's online fulfilment in India is being managed by its large-format 'blue box' stores. To prepare for scale, the company has also invested in dedicated distribution centres--one in Pune, which currently services stores across western and southern markets, and another in Gurgaon that will cater to northern stores while also handling direct-to-customer Gurgaon hub is railway-connected, part of IKEA's broader sustainability agenda. On last-mile logistics, the retailer has transitioned over 90% of its fleet to electric delivery vehicles (EDVs) and aims to reach 100% by retail, IKEA's India presence spans sourcing, a Global Capability Centre handling finance and people operations, a digital hub supporting global teams, and Ingka Centres' two large shopping centres under construction in Noida and Investments is also exploring renewable energy opportunities, while the IKEA Foundation has earmarked 250 million euros for climate resilience and rural livelihood projects in its expansion anchored in retail, sourcing, logistics, and sustainability, IKEA sees India as one of its most strategic markets globally, combining customer growth potential with supply chain strength. Ends(The writer is in Alhmult, Sweden at the invitation of IKEA)
Time of India
16-06-2025
- Business
- Time of India
Modi's Cyprus visit: PM sells India's growth story; talks focus on infra, fintech, and strategic trade, ET Infra
Advt By , ETInfra Prime Minister Narendra Modi and Cyprus President Nikos Christodoulides on Monday held a high-level roundtable with business leaders in Limassol, with discussions centred on enhancing cooperation in fintech, infrastructure, urban mobility and strategic meeting saw participation from key stakeholders across banking, manufacturing, defence, logistics, maritime, technology, and tourism. Prime Minister Modi highlighted India's transformation into one of the fastest-growing major economies, attributing it to regulatory reforms, political stability, and a strong emphasis on ease of doing business. He invited Cypriot firms to tap into opportunities in India's growing infrastructure sectors such as civil aviation, shipbuilding, renewable energy, and digital bolster financial and urban connectivity, the two countries announced deeper collaboration between their capital markets through a memorandum of understanding between NSE International Exchange at GIFT City and the Cyprus Stock Exchange. In addition, NPCI International Payments Ltd and Eurobank Cyprus have agreed to introduce Unified Payments Interface (UPI)-based cross-border transactions, aimed at easing payments for businesses and tourists leaders also launched the India–Greece–Cyprus Business and Investment Council to promote trilateral cooperation in logistics, shipping, digital services, and civil aviation. Prime Minister Modi noted that Cyprus serves as a strategic hub for Indian businesses seeking access to the European Union, especially in IT, financial services, and infrastructure Cyprus set to assume the Presidency of the EU Council in 2026, both sides reaffirmed their commitment to finalising the India-EU Free Trade Agreement by the end of the year. The roundtable concluded with an emphasis on building a structured economic roadmap focused on sustainable infrastructure, innovation, and long-term strategic alignment.
Time of India
13-06-2025
- Business
- Time of India
EAM Jaishankar's Key Remarks On India-EU Free Trade Agreement In Raisina Mediterranean 2025
External Affairs Minister S. Jaishankar, speaking at the Raisina Mediterranean 2025 Ministerial Session in Marseille, highlighted Europe's growing strategic autonomy, calling it more self-aware and self-reliant. Addressing the India-EU Free Trade Agreement, he said the goal is to conclude it by the end of 2025. Jaishankar noted that trade ministers from both sides have met three times in the last six weeks, with another round scheduled by June-end. He confirmed that half the FTA chapters are completed, and significant progress has been made on the remaining sections.#sjaishankar #raisinamediterranean #marseille #france #europe #eustrategy #freetradeagreement #tradedeal #indiaeufta #tradenegotiations #foreignpolicy #internationalrelations #diplomacy #economicrelations #geopolitics #ministerialsession #indiaspeech #eurasianaffairs #tradeagreements #europeanunion #toi #toibharat Read More
India Gazette
12-06-2025
- Business
- India Gazette
Indian economy will grow eight fold by 2047: Piyush Goyal
ANI 12 Jun 2025, 12:38 GMT+10 Stockholm [Sweden], June 12 (ANI): Union Commerce and Industry Minister Piyush Goyal, during his three-day official visit to Sweden on Thursday, expressed confidence that the future lies in India and expects the country's economy to grow eight times by talking in Stockholm, Sweden, the minsters said, 'The opportunities, the skills, the potential, the demand, the decisive leadership that India has--seeing all this, even Swedish companies believe that the future lies in India.' He further added that, 'the economy, which will grow eightfold by 2047, everyone wants to benefit from that.'Piyush Goyal also addressed the ongoing India-EU Free Trade Agreement negotiations, conveying optimism regarding their said, 'We are very much on track to achieve that (FTA). More than half the chapters are ready - in terms of content, we are almost 90 per cent ready for market access. The important issue to be addressed between us is non-tariff barriers.'Recently, Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dousa, also said that a comprehensive free trade agreement between India and the European Union should tackle both tariff and non-tariff barriers to maximise benefits for both this week, Union minister Piyush Goyal said that with this FTA, India will be able to offer greater opportunities for FTA negotiations between the two sides are expected to conclude in 2025. India last month said the two sides engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of FTA between India and EU represents significant opportunity for both regions to reduce regulatory barriers that currently impede trade flows, while strengthening economic ties that could benefit both regions' long-term growth prospects. (ANI)
