Another Rs 10.5k cr on table, Ikea to boost store count

CHENNAI: Ikea plans to invest another Rs 10,500 crore in India over the next five years to expand its retail operations. The Swedish furniture retailer may add 20-30 stores by 2030, rapidly expanding its footprint in the country, while aiming to attain profitability by the end of 2028, Ikea India CEO Patrik Antoni told TOI.“We have so far invested Rs 10,500 crore in the country, and the ambition is to more than double what we have done so far. The majority of this will go towards retail developments such as retail stores and shopping centres,” Antoni said. Referring to the company’s plans to build two large shopping centres with integrated Ikea stores outside Delhi, he said these would be the first of their kind in India, with each project involving an investment of around Rs 400 crore to Rs 500 crore.While the primary focus for new stores will be in major markets such as Delhi, Bengaluru, Mumbai, Hyderabad, and Chennai, Ikea is also exploring locations including Lucknow, Chandigarh and Jaipur.Ikea had announced a Rs 10,500-crore investment in 2012, which has now been fully deployed. The company operates six stores in India, comprising three large-format stores, two city stores and one plan-and-order point.Antoni also highlighted Ikea’s broader investments in India, including the expansion of its global capability centre and digital hub. The company aims to turn profitable by the end of 2028. Antoni further said Ikea plans to double its sourcing from India to 800 million euros by 2030, increasing domestic sourcing from 30% to 50%. Ikea announced the launch of online deliveries across Chennai, where it plans to open a retail store, Madurai, Coimbatore and Salem.