IKEA’s India sourcing to be double by 2020, opening first store in Hyderabad

Swedish furniture major IKEA announces that they plan to set up its maiden retail store in India. The company has purchased 13 acres land near the IT hub of Hyderabad for setting up this store and they have signed up a land purchase agreement. This step is affirmation of IKEA’s expansion plans in India, evaluating suitable sites in Bengaluru, Mumbai and Delhi NCR, too to open 25 stores in the long term.  According to a company statement, IKEA retail outlets will have a standard design and each location entails an investment of $100 million (Rs 500-600 crore). Signage players, whose activities get involved into in-shop displays, designs and related activities, will hit upon fresh business opportunities with such landmark foray of IKEA into the country.