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The world’s largest furniture retailer has been present in India since the past 42 years with an office in the country since 30 years but it is finally opening a retail store in the country by 2018. The company had employed 135 people till last year and the number has been consistently growing. <keyword id="6371031" type="COMPANY" weightage="20" keywordseo="Ikea">IKEA</keyword> has been mainly sourcing textiles which make up for about 70% of the imports, but also sourcing materials like plastics and metals. <br /><br /> “We are looking at different materials such as Mango wood, Rubber wood, Neem wood, and Bamboo in the coming months as it is an optimal material for furniture in India,” Henrik <keyword id="4461399" type="UNKNOWN" weightage="20" keywordseo="gunnerling">Gunnerling</keyword>, Purchase Development Manager, IKEA Range &amp; Supply told Business Insider. <br /><br /> According to India’s retailing policy, foreign companies have to meet the 30% local sourcing norm, preferably from <keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword>. The Swedish company’s first two stores in India would be in metro cities of Hyderabad and <keyword id="57321" type="PERSON" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>, and both are expected to open in 2018. <div type="embedgroup"> <div type="Article" hostid="261" msid="58292743" title="Exclusive: K. Ganesh Made BigBasket and Portea Medical Blockbusters in India, and This is his Unique Life-story" rank="1.0" kind="RELATED" publishDate="Apr 21, 2017, 12:00 PM" mstype="2" mssubtype="0"></div></div>




<br /><strong>Make In India to Sell In India <br /><br /></strong>Gunnerling said that the retailer gives volume commitments to its partners to drive growth in terms of investments and technology.China is the largest sourcing hub for the furniture giant but Gunnerling said that it is possible for that to change over time, as they enter the Indian market next year. <br /> Ikea also said that it would double its sourcing from India by 2020 to €600 million, up from its existing base of €318 million, while complying with the 30% local purchase norms as it makes its commercial debut in the Indian economy. <br /><br />The company said it plans to hire 500-700 direct employees for each store. <keyword id="2635043" type="UNKNOWN" weightage="20" keywordseo="Sandeep-Sanan">Sandeep Sanan</keyword>, the new business development manager for <keyword id="2635068" type="UNKNOWN" weightage="20" keywordseo="Ikea-South-Asia">Ikea South Asia</keyword>, said the company is looking to add suppliers to its existing categories, such as textiles and rugs, and plastics and metal. <br /> The company also plans to set up its first distribution centre in Pune. <br />

    

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Sanan said that while the company has been sourcing from India since 4 decades, the entire process has not been easy, “We have a very good Textile supplier base in India; companies that have global standards and they have been exporting out of India. In furniture industry, it has not been the same case. There are very few companies that have set-ups that include modern technology and machinery. The challenging part has been to find the right supplier that meet our standards or even have the right mindset to attain those standards that are people-friendly and environment-friendly.”<br /><br /> Sanan also thinks that the local Indian regulations regarding furniture production are outdated and need to be updated, “We are working with the government to reduce chemical emissions created during furniture production as there are no regulations regarding the permissible chemicals being used.”<br /><br /> Mr. Sanan says that the company is looking for a long-term collaboration with the suppliers, “Our average time working with suppliers on a global level today is 12 years. We work at skill development, technology transfers and provide any support to make sure that supplier stay with us for the long-term.”<br />

    

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  “We are looking to cut costs to make products affordable and accessible to many people. We make sure that we can make economically viable products and if that means sourcing more from countries like India, we will do it. Not just for the country market itself but for the entire range across all our 393 and counting stores,” Gunnerling said.<br /><br />

Exclusive: Ikea in India opens shop in 2018 and might source more from India than China for its global operations, if things work out

Inspired by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s ‘<keyword id="6354869" type="UNKNOWN" weightage="20" keywordseo="make-in-India">Make in India</keyword>’ agenda, <keyword id="6371031" type="COMPANY" weightage="20" keywordseo="Ikea">Ikea</keyword>, which is one of the world’s largest furniture retailer, on Wednesday announced a new ‘Make More in India’ initiative. With this initiative, the leading Swedish furniture brand wants to expand its supplier base in the sub-continent. The company is also planning to come up with new categories of home furnishing products in the country.<br />
<br />
IKEA today has 48 suppliers in India with 45,000 direct employees and about 400,000 people in its extended supply chain.<br />
<br /> Speaking about the new initiative, <keyword id="2635043" type="UNKNOWN" weightage="20" keywordseo="Sandeep-Sanan">Sandeep Sanan</keyword>, head of Sourcing, IKEA South Asia, said: “We believe there is tremendous potential in India. We are looking for new suppliers who share our vision and values, are willing to grow with us and become world class suppliers. We believe that many suppliers will come from other segments who are looking to diversify their business.”<br />
<br /> As part of the ‘Make More in India’ initiative, <keyword id="6429663" type="COMPANY" weightage="20" keywordseo="Ikea-India">IKEA India</keyword> will be organising two seminars on Jan 16, 2015 and Jan 23, 2015 in Mumbai and Bangalore respectively. The company expects a participation of more than 100 new potential suppliers.<br />
<br />
These seminars will focus on enrolling new suppliers in existing categories like textiles and rugs along with new home furnishing categories like furniture, mattresses, and sustainable materials( like bamboo and acacia). During that period, IKEA will also work to grow the number of suppliers for categories like metal, plastics and lighting.<br />

IKEA Launches ‘Make More in India’ Initiative To Increase Its Supplier Base

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Wikimedia Commons</span></p></div><p></p></div></div>According to one Ikea executive, we've hit "peak stuff." </span></p><p><span style="font-weight: 400;">"We talk about peak oil. I'd say we've hit peak red meat, peak sugar, peak stuff... peak home furnishings," Ikea sustainability chief Steve Howard said on a <a href="http://www.theguardian.com/membership/audio/2016/jan/14/is-business-action-on-climate-change-believable-guardian-live-event">Guardian Live panel on sustainability</a>, reports <a href="http://qz.com/597234/weve-hit-peak-curtains-even-ikea-thinks-everyones-bought-enough-useless-stuff/">Quartz</a>. </span></p><p><span style="font-weight: 400;">With Western countries hitting their limit in terms of consumption - something Howard and the panel agreed was a positive from a sustainability standpoint - it is time for business to begin looking globally for customers. </span></p><p><span style="font-weight: 400;">"If you look on a global basis… most people are still poor," said Howard. "There's a global growth opportunity." </span></p><p><span style="font-weight: 400;">While most Ikea locations are located in relatively wealthy countries in North America, Europe, and Asia, the company is currently on an expansion push. Dozens of locations are planned to open in countries including </span><a href="http://www.bbc.com/news/business-21136861"><span style="font-weight: 400;">India</span></a><span style="font-weight: 400;">, </span><a href="http://www.baltic-course.com/eng/markets_and_companies/?doc=98930"><span style="font-weight: 400;">Latvia</span></a><span style="font-weight: 400;">, and </span><a href="http://www.reuters.com/article/us-ikea-southkorea-store-idUSKBN0JW0IZ20141218"><span style="font-weight: 400;">South Korea</span></a><span style="font-weight: 400;"> in the coming years. </span></p><p><span style="font-weight: 400;">Ikea is additionally investing in sustainable offerings, with the goal of creating a "circular Ikea" in which customers repair and recycle products.</span></p><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>AP</span></p></div><p></p></div></div></span></p><p><span style="font-weight: 400;">Historically, Ikea is best known for inexpensive offerings that aren't necessarily made to last. However, the company focusing on health and sustainability as it prepares for the future. </span></p><p><span style="font-weight: 400;">Recent Ikea prototypes like chargers that <a href="http://www.businessinsider.com/ikea-just-opened-an-innovation-lab-in-copenhagen-and-its-gorgeously-scandinavian-2015-11">transfer body heat into phone charging electricity</a> signal the future of the brand. Innovative products that are inexpensive, green, and unlike anything else on the market give Western consumers a reason to keep shopping - even if they have already reached "peak stuff." </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/fast-food-chain-best-value-menu-mcdonalds-burger-king-wendys-2016-1">We tried the new value menus at McDonald's, Burger King, and Wendy's - and the winner is clear</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1mb240MDE6wvr9lZ6tJsJafHMsdJZKhH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Ikea has identified a huge shift in how people shop

<ul><li><strong><keyword id="2644491" type="General" weightage="100" keywordseo="livspace" source="Orion">Livspace</keyword> currently has operations in over 45 cities across Southeast Asia, India, and the Middle-east region.</strong></li><li><strong>The company said it has witnessed over 100 per cent growth in the last six months and 400 per cent over the last two years.</strong></li><li><strong>Singapore-based Livspace aims to create multiple home interiors and renovation solutions. </strong></li></ul><br />Home interiors and renovation platform Livspace on Monday said it has earmarked $100 million to invest and incubate new offerings and brands in the direct-to-consumer (D2C) market in the home interiors and renovation segment.<br /><br />With this money, Singapore-based Livspace aims to create multiple home interiors and renovation solutions and D2C offerings which serve homeowners across various segments in its markets across India, South-east Asia and the Middle-East region.<br /><br />"As we continue to scale across new segments in existing geographies and enter new regional markets, we are looking for successful businesses and like-minded entrepreneurs that help us scale even faster," said <keyword id="354664" type="General" weightage="50" keywordseo="anuj-srivastava" source="Orion">Anuj Srivastava</keyword>, CEO and Co-founder, Livspace.<br /><br />"In line with this, we will aggressively and methodically pursue a build-or-buy strategy to create the maximum value for the ecosystem and deliver the best experience to our customers and ecosystem partners," he added.<br /><br />Livspace has deployed part of the allocated capital in acquiring a majority stake in companies such as <keyword id="15210361" type="General" weightage="50" keywordseo="qanvast" source="Orion">Qanvast</keyword>, which connects homeowners and trusted design professionals. <br /><br />It is looking at investing in content destinations, direct-to-consumer interior brands and D2C private labels. The strategy will be spearheaded by Ankit Shah, Chief Strategy Officer, Livspace. <br /><br />"The capital and resource allocation strategy will help our business scale faster across markets, grow our margin stack further and create strong defensible moats," Shah said.<br /><br />Livspace currently has operations in over 45 cities across Southeast Asia, India, and the Middle-east region. <br /><br />The company said it has witnessed over 100 per cent growth in the last six months and 400 per cent over the last two years.<br /><br />Livspace has raised around $450 million in capital from some of the top global investors including KKR, <keyword id="15210362" type="General" weightage="50" keywordseo="ingka-group-investments" source="Orion">Ingka Group Investments</keyword> (part of largest IKEA retailer Ingka Group), <keyword id="141646" type="General" weightage="50" keywordseo="tpg-growth" source="Orion">TPG Growth</keyword>, <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword>, Kharis Capital, <keyword id="8869182" type="General" weightage="50" keywordseo="venturi-partners" source="Orion">Venturi Partners</keyword> and others.<br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ms-dhoni-launches-camera-drone-droni-in-partnership-with-garuda-aerospace/articleshow/94755452.cms">MS Dhoni launches camera drone Droni in partnership with Garuda Aerospace</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/this-world-mental-health-day-lets-unlock-the-behavioural-effects-of-lockdown/articleshow/94754635.cms">This World Mental Health Day, let's unlock the behavioural effects of lockdown</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/mulayam-singh-yadav-the-dhartiputra-of-national-politics/articleshow/94753893.cms">Mulayam Singh Yadav: The Dhartiputra of national politics</a>

Livspace earmarks $100 mn to invest in D2C brands in home segment

<strong><keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>,</strong> <keyword id="10591" type="COMPANY" weightage="20" keywordseo="Samsung">Samsung</keyword> is all set to launch a <keyword id="10460033" type="UNKNOWN" weightage="20" keywordseo="new-exynos-chipset">new Exynos chipset</keyword> on January 12, just two days before the supposed launch date for the <keyword id="9058755" type="UNKNOWN" weightage="20" keywordseo="Galaxy-S21-Series">Galaxy S21 series</keyword>.<br /><br />Famed tipster Ice Universe, who has previously been proven right on leaks regarding Samsung, Xiaomi as well as Apple claimed that the <keyword id="10460032" type="UNKNOWN" weightage="20" keywordseo="new-soc">new SoC</keyword> will be called the <keyword id="10414506" type="COMPANY" weightage="20" keywordseo="exynos-2100">Exynos 2100</keyword>.<br /><br />The new SoC is expected to power the upcoming Galaxy S21 series in Asia, European regions and other usual regions<br /><br />Regions like the US, China and South Korea would normally be expected to get Qualcomm's top chipset, which in this case means Snapdragon 888.<br /><br />The upcoming Exynos 2100 will be based on the 5nm manufacturing process, just like the Qualcomm Snapdragon 888 processor and Apple's A14 SoC. To recall, Samsung's older Exynos 990 SoC was based on the 7nm process and it faced a number of thermal throttling issues.<br /><br />It is said to feature an octa-core CPU with an ultra-high performance core clocking in at 2.9GHz (possibly ARM's new Cortex-X1 microarchitecture), flanked by three more high-end cores at 2.8GHz (ARM's Cortex-A78) and four smaller cores running at 2.4GHz. It'll include a 5G modem as standard. GPU comes from ARM's Mali-G78 GPU.<br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a><br /><a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a><br /><a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms">Mrs Bectors Food Specialities IPO allotment: Here’s how to check share allotment status</a></strong>

You Searched For "Ikea South Asia" and got 5 results

Exclusive: Ikea in India opens shop in 2018 and might source more from India than China for its global operations, if things work out

Tanya Dubey

IKEA Launches ‘Make More in India’ Initiative To Increase Its Supplier Base

BI India Bureau

Ikea has identified a huge shift in how people shop

KATE TAYLOR

Livspace earmarks $100 mn to invest in D2C brands in home segment

IANS

Samsung to launch new Exynos chipset on January 12

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