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IKEA plans to enhance sourcing from India to 50%: Swedish minister
Economic Times
·
2m ago
Medial
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
·
6m ago
Medial
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.
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Better late than never: Ikea comes to Delhi-NCR with major plans, online delivery from Mar 1
Business Today
·
6m ago
Medial
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.
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IKEA India readies fresh investment for India, eyes Chennai and Pune for large-format stores
Economic Times
·
17d ago
Medial
Ikea India plans new investments after exhausting its initial Rs 10,500 crore fund. With large-format stores set for Chennai and Pune, the company emphasizes a mix of smaller city stores for accessibility. Under CEO Patrik Antoni, expansion aims to boost local sourcing from 30% to 50%, enhancing affordability. Planned Ingka Centres in Gurgaon and Noida underscore this growth, complementing the existing footprint, while a strategic focus on India’s retail landscape continues.
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Ikea India aims for operational profitability in couple of years, says CEO Susanne Pulverer
Livemint
·
6m ago
Medial
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.
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IKEA India Opens First Delhi Store at Pacific Mall
StartupTalky
·
15d ago
Medial
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.
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Ericsson begins commercial release of made-in-India network antenna from VVDN facility
Economic Times
·
2m ago
Medial
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.
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Ikea to start selling online in NCR by December 2024
Livemint
·
2y ago
Medial
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.
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Sourcing platform Geniemode raises $50 mn led by Multiples PE, others
VCCircle
·
6m ago
Medial
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.
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Walmart expands supplier development programme in India, targets 1 lakh MSMEs by 2028
YourStory
·
2m ago
Medial
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.
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Looking to increase sourcing in India to 50pc in mid term, to set up supplier park: Hafele
Livemint
·
8m ago
Medial
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.
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