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Ikea India aims for operational profitability in couple of years, says CEO Susanne Pulverer

Livemint

Livemint · 7m ago

Ikea India aims for operational profitability in couple of years, says CEO Susanne Pulverer

Ikea India aims for operational profitability in a couple of years, according to CEO Susanne Pulverer. After facing challenges like COVID-19 impacts and supply chain disruptions, the company is focusing on stabilisation and affordability. Despite reporting increased losses due to expansion investments, Ikea plans to enhance efficiency, cut costs, and explore more cost-effective touchpoints. Online sales, growing faster than offline, now account for 30% of total sales. Ikea is also progressing on projects in Gurugram and Noida.

Related News

IKEA looking for next phase of investment in India, aims profitable growth: CEO Susanne Pulverer

YourStory

YourStory · 7m ago

IKEA looking for next phase of investment in India, aims profitable growth: CEO Susanne Pulverer

Swedish furniture retailer Ikea is expanding its presence in India by launching online sales in Delhi-NCR and planning new stores in Gurugram and Noida by 2028. After establishing stores in major cities like Hyderabad, Mumbai, and Bengaluru, Ikea aims for physical presence in Chennai and Pune, shifting towards a smaller store model and omnichannel strategy. Despite initial losses, Ikea plans for profitable growth while optimizing space usage to manage real estate costs.

Better late than never: Ikea comes to Delhi-NCR with major plans, online delivery from Mar 1

Business Today

Business Today · 7m ago

Better late than never: Ikea comes to Delhi-NCR with major plans, online delivery from Mar 1

Ikea, the Swedish retail giant, is expanding into Delhi-NCR with significant plans, 11 years after entering India. Following extensive planning and operational adjustments, the company will begin online deliveries in the region starting March 1st.

Pramerica Life Insurance targeting 30% CAGR for next two years, says CEO

Money Control

Money Control · 11m ago

Pramerica Life Insurance targeting 30% CAGR for next two years, says CEO

- Pramerica Life Insurance aims for a compound annual growth rate (CAGR) of 30% in the next two years. - The insurer witnessed a robust growth of 58% in new business premiums in the previous fiscal year. - Pramerica plans to launch new products and focus on digital growth in the current fiscal year. - The insurer is looking to expand its bancassurance business through partnerships with cooperative banks, small finance banks, and private banks. - Pramerica Life Insurance has no immediate plans to go public, as it is well-capitalized and aims to focus on building scale and profitability in the next couple of years.

Fintech giant RazorPay to shift domicile to India; Announces new product launches

IndianStartupNews

IndianStartupNews · 1y ago

Fintech giant RazorPay to shift domicile to India; Announces new product launches

Indian payments provider, Razorpay, aims to achieve profitability across all business lines within the next two years and is considering listing on Indian exchanges. The company, which is shifting its domicile back to India, has seen its robust cash reserves and operational efficiency position it well for an IPO, according to CEO Harshil Mathur. Razorpay recently bounced back from a year-long ban on merchant onboarding by the Reserve Bank of India and is launching new products, including an AI-powered payment gateway and a device supporting QR and contactless tap card payments.

Bottomline: Lavie parent Bagzone seeks to accelerate growth after flat FY24

VCCircle

VCCircle · 1y ago

Bottomline: Lavie parent Bagzone seeks to accelerate growth after flat FY24

Bagzone Lifestyles, the parent company of luggage and accessories brand Lavie, is looking to accelerate its growth after experiencing flat revenue in the last fiscal year. Despite recording revenue of Rs 237 crore for FY24, a decrease of 0.4%, the company's operational profitability was significantly affected. Bagzone, founded in 2008 by Ramesh Tainwala, former CEO of Samsonite Southeast Asia, aims to overcome these challenges and drive growth in the upcoming years.

IKEA India Opens First Delhi Store at Pacific Mall

StartupTalky

StartupTalky · 1m ago

IKEA India Opens First Delhi Store at Pacific Mall

IKEA India has launched its first Delhi store at Pacific Mall, featuring a 15,000-square-foot space with over 2,000 home products displayed. Emphasizing accessibility and affordability, IKEA aims to enhance its retail presence in India through an omnichannel strategy combining physical stores, e-commerce, and localized services. The Delhi store is a crucial part of this expansion, allowing customers to purchase and order from the vast IKEA catalogue, with products supplied by the Farrukhnagar distribution center.

IKEA plans to enhance sourcing from India to 50%: Swedish minister

Economic Times

Economic Times · 3m ago

IKEA plans to enhance sourcing from India to 50%: Swedish minister

IKEA aims to boost its sourcing from India to 50% for global operations, up from the current 30%, according to Swedish trade minister Benjamin Dousa. The company has sourced from India for decades and began local retail operations in 2018. India’s ambition to enhance manufacturing's GDP share aligns with IKEA’s plans, which include expanding its sourcing of textiles, plastics, and metals. IKEA currently sources significantly from Europe, followed by America and China.

HealthifyMe’s India business will be Ebitda-profitable by end of 2024, says CEO

Livemint

Livemint · 1y ago

HealthifyMe’s India business will be Ebitda-profitable by end of 2024, says CEO

HealthifyMe, the India-based health-tech startup, is set to achieve profitability at the Ebitda level by the end of the year, according to CEO Tushar Vashisht. The company, which has raised $130 million in funding, aims to expand to 20 markets globally, including the US and UK. HealthifyMe plans to raise more capital to fuel its international growth. It has reduced losses and increased revenue in recent years. Additionally, the company is exploring opportunities in the B2B market and aims to create an integrated ecosystem within its app, partnering with gyms, meditation centers, and doctors.

India is a top investment priority for Ikea, says Ingka CEO Jesper Brodin

Livemint

Livemint · 1y ago

India is a top investment priority for Ikea, says Ingka CEO Jesper Brodin

Ikea's Global CEO, Jesper Brodin, has identified India as the company's top investment priority due to its large population and substantial needs. Despite the challenges of operating in the country, Ikea has seen success with its first store in Hyderabad and plans to open more across India. The company has strategically reduced prices and plans to increase its physical and online presence in the market. The domestic furniture market in India is valued at $32 billion and is expected to grow further due to the expanding middle class.

Livspace to file for domicile flip from Singapore for IPO in 2025-26

Economic Times

Economic Times · 1y ago

Livspace to file for domicile flip from Singapore for IPO in 2025-26

Ikea-backed home decor startup Livspace is planning to shift its domicile from Singapore to India and has received in-principle approval for the same. The company aims to launch its IPO by late 2025 or early 2026. Livspace, which is currently Ebitda negative, expects to achieve Ebitda profitability by March 2025. It has a revenue run-rate of INR 1,500 crore for FY25. Livspace is also actively pursuing the acquisition of a consumer brand in the appliances and home furnishing business. The company plans to double its number of stores to 200 by March.

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