New Delhi, Jan 20 (PTI) Swedish home furnishings retailer Ikea will ramp up investment in the coming years to expand its presence in the country, its India CEO Patrik Antoni said.
Antoni was speaking at
an event in Chennai to launch Ikea’s online sales in Tamil Nadu.
Ikea, which is now entering into the second phase of expansion in India, where it plans to grow with several small stores, which could be sized 2,000-5,000 sq feet, besides having traditional large format stores and city stores.
“We will more than double our investments in the coming years,” said Antoni on Monday while addressing a press conference in Chennai.
In 2013, the government had approved a Rs 10,500 crore FDI proposal by Ikea to set up 10 stores with allied infrastructure in 10 years. Subsequently, it had plans to open 15 more stores.
At present, 100 per cent foreign direct investment is permitted under single-brand retail trading through the automatic route.
Currently, Ikea is operating three large-format stores in Hyderabad, Navi Mumbai, and Bengaluru, two city stores in Worli and New Delhi and is investing around Rs 7,000 crore to enter the National Capital Region with two stores in Gurugram and Noida.
With these developments, IKea’s FDI limit has almost reached the target.
Last year, Ikea’s then India head Susanne Pulverer had told PTI, “We have exhausted the Rs 10,500 crore, and we are looking at the next level of investment to further build IKEA presence in India, to expand volumes and increase sourcing”.
Ikea is now also looking for profitable growth. In FY 2025, Ikea India sales had increased 6 per cent, reaching an annual revenue of Rs 1860.8 crore (for September 2024-August 2025).
In FY25, 110 million customers visited IKEA India across its channels, which include its physical stores and online sales platform.
IKEA has launched its online deliveries across Tamil Nadu cities. PTI KRH KRH BAL BAL
