Swedish furniture retailer, Ikea plans to double sourcing from the Indian market to 600 million euro by 2020.
Henrik Gunnerling, Purchase Development Manager, Ikea range and supply, said, "Ikea works on the principle of optimal sourcing for our global markets. Where it makes sense, we will source locally as well. We currently source products worth 318 million euro from India and will almost double this by 2020 to around 600 million euro."
The company will start work on its second store in the country in Navi Mumbai next month with an investment of about Rs 700 crore. The store is expected to be operational by the middle of 2018.
Patrik Antoni, Deputy Country Manager, Ikea India, said, "Maharashtra will be one of the key markets for us, and we have plans to open 5-6 stores across the state, going forward."
He added, "Ikea's first store will come up in Hyderabad later this year, and it is in the process of identifying sites in Delhi- NCR, Bengaluru, Tamil Nadu and Gujarat."
The furniture retailer has a target of opening 25 stores in India by 2025 at an investment of Rs 10,500 crore.
Sandeep Sanan, New Business Development Manager, Ikea South Asia, said, "The company is looking to add suppliers to its existing categories, such as textiles and rugs, and add new categories, such as plastics and metal."