Ikea is finally here: Swedish giant opens first Indian store in Hyderabad Snehal Khanna
Swedish home furnishings major IKEA on Thursday opened its first store in India, kicking off its retail journey five years after it received approval to invest in the country's single-brand retail sector. The company, which has employed 950 people directly and another 1,500 indirectly at its store here, plans to hire 15,000 in the coming years as it expands operations in India. IKEA Group CEO Jesper Brodinv said the opening of the first store in India marks a milestone in the company's journey here which began over three decades ago through sourcing of products. "We have a long-term commitment to India, which is an important market for us," he added. The store here is the first of 25 such outlets planned to be set up in India by 2025. In 2013, IKEA received a nod from the government to invest Rs 105 billion in single-brand retail. IKEA had originally planned to open its first store in India by 2017, but it was delayed.
ARTICLE SOURCE: BS