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

Economic Times

Economic Times · 1m 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.

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

YourStory

YourStory · 5m 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 · 5m 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.

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

Livemint

Livemint · 6m 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.

Ericsson begins commercial release of made-in-India network antenna from VVDN facility

Economic Times

Economic Times · 1m ago

Ericsson begins commercial release of made-in-India network antenna from VVDN facility

Ericsson has commenced commercial production of its first made-in-India mobile network antennas from the VVDN facility. The facility, inaugurated by Union Telecom Minister Jyotiraditya Scindia, is part of Ericsson’s strategy to expand its passive antenna manufacturing and engineering ecosystem in India. This move includes local sourcing, production, and solutions tailored for global and Indian network requirements, with over 50% of antenna content now produced locally. International shipments will start in July.

Ikea to start selling online in NCR by December 2024

Livemint

Livemint · 1y ago

Ikea to start selling online in NCR by December 2024

Ikea India is set to launch its e-commerce operations by the end of 2024, marking the next phase of growth in the country. The company has invested ₹10,500 crore in building five stores and is planning to open shopping centers with integrated Ikea stores in Gurugram and Noida. Ikea's parent company is also establishing its investment arm in India, with a focus on sustainability-linked businesses. The retailer considers India a priority growth market for long-term investment. Despite its presence in several cities, Ikea believes it has only scratched the surface in India and plans further expansion.

Sourcing platform Geniemode raises $50 mn led by Multiples PE, others

VCCircle

VCCircle · 5m ago

Sourcing platform Geniemode raises $50 mn led by Multiples PE, others

Geniemode, an apparel sourcing platform, secured $50 million in a Series C round led by Multiples PE, along with Fundamentum, Paramark Ventures, and Info Edge Ventures. Founded in 2021, Geniemode plans to use the funds to expand geographically and enhance supply chain solutions. The company aims to double revenues to $140 million by 2024-25. The financing supports Geniemode's strategy to disrupt markets using technology, with plans to go public in the coming years.

Walmart expands supplier development programme in India, targets 1 lakh MSMEs by 2028

YourStory

YourStory · 1m ago

Walmart expands supplier development programme in India, targets 1 lakh MSMEs by 2028

Walmart plans to expand its Vriddhi programme in India, aiming to include 100,000 more MSMEs by 2028. Launched in 2019, Vriddhi has already trained over 70,000 MSMEs, providing them with digital commerce access, mentorship, and strategic partnerships. The programme's partnership with Ideas to Impact Foundation will enhance MSMEs' market reach. Walmart seeks to boost its sourcing from India, contributing to its goal of $10 billion in exports by 2027, while enabling MSMEs to scale sustainably.

Looking to increase sourcing in India to 50pc in mid term, to set up supplier park: Hafele

Livemint

Livemint · 7m ago

Looking to increase sourcing in India to 50pc in mid term, to set up supplier park: Hafele

German interior solutions provider, Hafele, plans to increase its sourcing from India to 50% in the mid-term by developing a local supplier base. The company also intends to establish a manufacturing unit in India and create a supplier park to attract international suppliers. Hafele India, with a current turnover of INR 1,200 crore, aims to triple its business in the next six to seven years. However, the lack of a proper policy framework for the furniture industry poses challenges, such as the quality control order for hinges coming into effect on 1 January 2025.

Livspace names Ramakant Sharma as CEO, Anuj Srivastava as chairman ahead of IPO

Economic Times

Economic Times · 6m ago

Livspace names Ramakant Sharma as CEO, Anuj Srivastava as chairman ahead of IPO

Livspace, a home decor startup, is restructuring its leadership in preparation for its IPO. Co-founder Anuj Srivastava moves from CEO to chairman, while Ramakant Sharma takes over as CEO. They plan to shift the company's domicile from Singapore to India and target an IPO by late 2025 or early 2026. The company, backed by Ikea, TPG, and KKR, seeks consumer brand acquisitions to enhance growth and focus on high-margin businesses, discontinuing low-margin B2B deals.

Sany India looks to increase exports, double production levels by 2025

Livemint

Livemint · 1y ago

Sany India looks to increase exports, double production levels by 2025

Sany India, the Indian subsidiary of Chinese equipment maker Sany Group, plans to increase exports and localization levels to establish India as its global sourcing base. The company aims to grow the contribution of exports to 50% by 2030, targeting markets in the Middle East, Asia, Africa, Europe, and the US. Sany India will invest approximately INR 750 crore in capital expenditures to upgrade its facility in Pune and plans to double the manufacturing areas, increase production capacity, and launch new product lines. It also aims to develop capacity for the production of electric heavy machinery in the future.

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