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News on Medial
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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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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Amazon to sell Hyundai vehicles online starting in 2024
Economic Times
·
1y ago
Medial
Amazon has announced plans to start selling Hyundai vehicles online starting in 2024. The move is part of Amazon's broader push into the automotive industry and aims to make the car buying process more convenient for customers. The online sales will initially be available in the United States, with potential expansion to other markets in the future. This partnership could be a game-changer in the auto retail industry.
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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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M&M consolidated Q3 net up 34 per cent
Thehindubusinessline
·
1y ago
Medial
Mahindra and Mahindra Ltd reported a 34% rise in consolidated net profit to ₹2,658 crore for the December quarter. Revenue from operations grew 15% to ₹35,218 crore. The company expects its SUV market share to grow to mid to high teens. It plans to start selling electric vehicles from its born EV platform in 2025. The farm division saw a decrease in volume by 4.1%, however, the farm machine business witnessed 30% year-to-date growth.
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IKEA India Opens First Delhi Store at Pacific Mall
StartupTalky
·
16d 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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IKEA prices to drop as brand sees profit double
Livemint
·
1y ago
Medial
Inter IKEA, the owner of the furniture brand IKEA, reported a doubling of its annual profit as cost pressures eased. The company's pretax profit reached 1.95 billion euros ($2.07 billion) in the year through August, compared to 931 million euros the previous year. This allows Inter IKEA to cut prices, with the expectation of further reductions in the future. The company aims to retain new customers gained during the pandemic and draw back others with price cuts. IKEA's annual sales increased by 6.6% to reach 47.6 billion euros.
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Direct commerce grew to 15% of ecommerce market from 2-3% in 5 years, says Shiprocket CEO
Economic Times
·
1y ago
Medial
Direct commerce in India, which involves selling products online directly through brand websites and apps, has grown to account for 15% of the country's ecommerce market, according to Shiprocket CEO Saahil Goel. This is a significant increase from the 2-3% share it held five years ago. Shiprocket's report on online selling by micro, small, and medium enterprises (MSMEs) also revealed that a majority of orders (around 71%) originate from non-metro areas. The report further highlighted that the personal care category accounted for 27% of total orders in Q1 2024, followed by apparel and footwear at 20%. The share of discounted orders has also increased to 68%, indicating the reliance on promotional activities.
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Bengaluru start-ups raise 53% of total funding in Feb: Report
Thehindubusinessline
·
1y ago
Medial
Bengaluru start-ups dominated funding in February 2024, raising 53% of the total funding amount. They secured INR 2,661 crore out of the total INR 5,039 crore raised. Mumbai and Delhi NCR followed with INR 922 crore and INR 829 crore respectively. Tier 1 cities accounted for 99% of the funding, with an average deal size of INR 33 crore, while Tier 2 and 3 cities raised only 1% with an average deal size of INR 4 crore. The total funding raised in February increased by 43% compared to the previous year.
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India wearable market grows 34% in 2023: report
Economic Times
·
1y ago
Medial
The Indian wearable market experienced a 34% growth in 2023, with smartwatch shipments increasing by 74% compared to the previous year. However, an overstocking situation during the second half of 2023 impacted the market. The average selling price of wearables decreased by 15.4%, while the average selling price of smartwatches dropped by 38.7%. Affordable options, including non-branded watches, have gained popularity, affecting incumbent vendors. Offline channels have grown compared to online ones, and the top three players in the market are Boat, Noise, and Fire-Bolt. The wearable market is expected to see single-digit growth in 2024.
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