IKEA opens 1st single brand retail store in India
The Swedish furniture giant hopes to take advantage of a patchwork market
HYDERABAD, India—Band music and loud cheers greet hundreds of Indian buyers as Swedish home furniture giant IKEA opened its first store in the country, five years after it received approval to invest in India’s single-brand retail sector.
The store started business Thursday in the southern Indian city of Hyderabad, India’s information technology hub, spread over a sprawling area of 13 acres (5 hectares).
IKEA Group CEO Jesper Brodin says the opening of the first store in India marked a milestone in the company’s journey, which began over three decades ago through sourcing of products.
The Swedish company’s vast array of products available at one place enjoys an advantage in India. The Indian furniture market is mostly unorganized, comprising small and medium businesses.