I came, I saw, IKEA!
IKEA is planning to set up its first “meeting place” venture in Noida after a ₹850cr ($117.2m) deal involving 12.3 acres. This would be IKEA’s third store in the country. This venture is expected to bring investments up to ₹5,500cr ($759m) and create about 2,000 jobs.
IKEA is still likely to face challenges in a largely unorganised furniture sector. This, along with competition, means that IKEA needs to adapt to the Indian market with a few changes. In the second-largest internet economy, a digital strategy is likely to do the trick.
The company has invested about ₹7,000cr ($965.7m) in India. It seems prepared to strengthen its footing in India.