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New Delhi: <keyword id="23094102" type="General" weightage="100" keywordseo="Ingka-Centres" source="keywords" meta.keywordsubtype="org" meta.entityname="Ingka Centres" meta.hostid="261" meta.entityid="Ingka Centres">Ingka Centres</keyword>, a part of Ingka Group that operates <keyword id="19948265" type="General" weightage="20" keywordseo="IKEA" source="keywords" meta.keywordsubtype="org" meta.entityname="IKEA" meta.hostid="261" meta.entityid="IKEA">IKEA</keyword> retail, will invest 607 million euros (about Rs 5,500 crore) to set up its second meeting place in India at <keyword id="19895934" type="General" weightage="20" keywordseo="Noida" source="keywords">Noida</keyword> under the <keyword id="23094103" type="General" weightage="20" keywordseo="Lykli" source="keywords" meta.keywordsubtype="org" meta.entityname="Lykli" meta.hostid="261" meta.entityid="Lykli">Lykli</keyword> brand, taking its overall <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in the country to a 1 billion euros, according to the company's Global Expansion &amp; Development Director Sebastian Hylving. It is betting big on the Indian market and is looking at expanding where IKEA plans to open its outlets in the country, although the opening of its first meeting place in Gurugram -- Lykli Gurugram -- has been pushed to 2026 from the originally planned opening in late 2025. The company on Monday unveiled the second IKEA-anchored meeting place in India at Noida which will offer a blend of retail, dining, hospitality, co-working spaces, entertainment, and cultural experiences tailored to the needs of modern urban residents. "It (Lykli Noida) is at an investment of 607 million euro...that investment is purely for the Noida project, and then we have an investment for GMP (Gurugram meeting place) as well. So I think it's around 1 billion (euro) in total for the two first projects and we don't see that it will stop with these two centres," Hylving told PTI in an interview. Last year the company had announced that it planned to open the first meeting place, Lykli Gurugram -- where it is investing 400 million euros (around Rs 3,500 crore), in late 2025. On the timeline for the opening of Lykli Gurugram, he said, "We had an intention (for late 2025). When you start up a project at an early stage, you set the target but once you get closer to understanding the full process, then you see what is achievable. So, 2026 is what we're talking for the opening of Lykli Gurugram." Elaborating further on the roadmap for Ingka Centres in India, he said, "We are looking for more opportunities, both brownfield and greenfield opportunities...We follow IKEA's expansion..." India is among the top three markets globally for IKEA and it will continue to be. There are big opportunities in India -- a big country with a lot of positive signals in terms of market growth, high education level, good qualified people, demographics is shifting in the right direction, he added. "We are looking at the locations where IKEA is now looking for opportunities. Sometimes it's possible, sometimes it's not. The cities that IKEA are looking at expanding, that is also cities that are on our map. If we can find a way together, then that's our preferred approach forward," Hylving said. On Lykli Noida, he said it will create 9,000 jobs and it will be Ingka Centres' first meeting place in the world with a hotel as part of the mixed-use development. "We're looking at opening in 2028," he said adding Lykli Noida will have around 240 partners, a hotel with 267 keys and two office towers. It is expected to attract more than 25 million visitors, Ingka Centres said. Ingka Centres offers shopping places, office space, food and beverage outlets and social activities collaborating with the local community. It works with over 3,000 brands across its portfolio of 35 meeting places in 13 markets globally. <keyword id="20385220" type="General" weightage="20" keywordseo="IKEA-India" source="keywords" meta.keywordsubtype="org" meta.entityname="IKEA India" meta.hostid="261" meta.entityid="IKEA India">IKEA India</keyword> CEO and Chief Sustainability Officer Susanne Pulverer said,"IKEA has a long-term commitment to Delhi NCR to create a positive impact on the local economy through our business. The unveiling of Lykli Noida is a major milestone in our India growth journey." Together with Ingka Centres, IKEA will become a strong contributor to increase the overall home furnishing market and bring a unique retail experience, she added. Uttar Pradesh Chief Minister Yogi Adityanath said the unveiling of Lykli in Noida marks a significant step forward in the development of the state as a hub of modern urban living. "The project not only reflects the growth and development of Noida but also aligns with our vision of creating sustainable, community-focused spaces across the state," he added.

Ingka Centres to invest Rs 5,500 crore in India on second meeting place at Noida

New Delhi, Mar 27 () Swedish furniture giant IKEA on Friday announced a grant of 26 million euro to protect the health of communities, its co-workers, suppliers and consumers impacted by the spread of coronavirus. In addition, IKEA Foundation, the firm's philanthropic arm, is announcing a funding commitment to support the emergency response, said a statement. As part of this, IKEA India, which operates a store in Hyderabad, has in coordination with government authorities set up a quarantine centre at a sports hostel at Gachibowli in the city, with 200 beds. "These are extraordinary times and our absolute priority is ensuring the health and safety of co-workers, customers, suppliers and communities. We are still adjusting to this new reality but are doing all we can to ensure business continuity for the future and continue to make people's lives at home better," said IKEA India CEO and Chief Sustainability Officer Peter Betzel. Ingka Group, IKEA's strategic partner, said "We will take an initial step of supporting emergency relief with 26 million euro of in-kind donations, allowing its 30 countries in which it has operations, to take more immediate action in their local communities." This will focus on providing necessities such as beds, food and toys to hospitals, medical centres and shelters, it added. "Our focus is now on accelerating the actions we are taking to help the communities most affected and supporting many people and our partners across the world," said Ingka Group CEO Jesper Brodin. IKEA India, part of Ingka Group, opened its first retail store in Hyderabad in August 2018, followed by online stores in Mumbai, Hyderabad and Pune in 2019 as part of its multi-channel approach. KRH HRS

Coronavirus impact: IKEA grants 26 million euro to protect co-workers, supplier, customers

<ul><li>Through a pilot, Livspace said that it already has a $15 million gross revenue run rate and is growing at 25% month-on-month in Singapore. </li><li>Livspace is also investing $30 million to grow its business in Singapore. </li><li>Earlier this year, Livspace had raised funding from Ingka Group – a key franchise partner of Swedish furniture giant, IKEA.</li></ul>Home interiors and renovation platform Livspace has entered the Singapore market. Through a six-month long pilot, the startup said that it already has a $15 million gross revenue run rate and is growing at 25% month-on-month. Livspace is also investing $30 million to grow its business in Singapore – drive demand, hire talent, build design experience centres and develop a regional supply chain. “Over the next 30 months, we aim to build Livspace into a US$500 million business operating across APAC and solve the renovation problem for tens of thousands of homeowners. Singapore marks the first step in our APAC growth and will serve as the headquarters for our global expansion,” said Livspace’s CEO and Co-Founder, Anuj Srivastava. It has also brought ex-Mckinsey and Grab executive Ravindran Shanmugam on board as the country head of Singapore. In India, the company claims to have an 80% market share and works with 3,500 registered designers and has designed 20,000 homes. In May 2019, Livspace had raised funding from Ingka Group – a key franchise partner of Swedish furniture giant, IKEA. The Ingka Group owns and operates 367 IKEA stores contributing to 90% of IKEA’s total retail sales. In September 2018, Livspace raised $70 million in a Series C round funding from TPG Growth and Goldman Sachs, along with its existing investors Jungle Ventures, Bessemer Venture Partners and Helion Ventures.

Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years

<ul><li>With just one large store in Hyderabad and the second one in Mumbai under construction, <keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">IKEA</keyword> has already gone online in Hyderabad, Pune, and Mumbai.</li><li>IKEA is also betting heavily on digital and <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> for growth in India. </li><li>The company has just announced a new global office in Bengaluru, which will be for Global Business Operations (GBO), Digital, and Centres of Expertise (CoE).</li></ul>Global <keyword id="6354851" type="UNKNOWN" weightage="20" keywordseo="retail">retail</keyword>ing giant IKEA, which has always been famous for its large format stores with great affordable prices has been pivoting towards opening smaller convenience stores and going digital. Two years after its launch in India, the Swedish retail company is doing the same in the country. With just one large store in Hyderabad and the second one in Mumbai under construction, IKEA has already gone online in Hyderabad, Pune and Mumbai. IKEA’s Hyderabad store is spread over 13 acres of land and also has a 1,000-seater restaurant. But many of the future stores might not look the same. “The company will also open smaller format city centre stores and expand its online presence in other Indian cities in the future,” the company said. Recently, IKEA had also launched Click &amp; Collect Services in Hyderabad, where one could order online and then just go and pick it up. And as many others, IKEA is also betting heavily on digital and e-commerce for growth in India. Through a multichannel approach, the company wants to reach 100 million customers in India. IKEA has not been immune to the impact of COVID-19 in India. It has delayed its launch in Mumbai because of the pandemic, and also dropped <a href="https://www.financialexpress.com/industry/ikea-announces-price-drop-in-india-to-boost-affordability-during-pandemic/2067433/">its prices</a> across products. The company has just announced a new global office in Bengaluru which will be for Global Business Operations (GBO), Digital, and Centres of Expertise (CoE). “India is not only a growing retail destination for us but also one of the strongest markets when it comes to global business operations capabilities. India is central to our growth plans and the GBO will help simplify, standardise and modernise customer and business transactions, procurement operations, financial reporting and people operations. We have long-term growth plans and plan to expand over time,” said Lalitha Indrakanti, Head of Global Business Operations for Ingka Group. SEE ALSO: <a href="https://www.businessinsider.in/business/news/indias-50-billion-wedding-industry-is-gearing-up-for-a-busy-winter/articleshow/78163437.cms">India’s $50 billion wedding industry is gearing up for a busy winter — business may have shrunk in size but it has not lost its sheen</a> <a href="https://www.businessinsider.in/sports/news/dailyhunt-app-founders-confirm-ipl-2020-associate-sponsorship/articleshow/78169667.cms">EXCLUSIVE: Dailyhunt founders confirm IPL 2020 associate sponsorship — promise new release for Josh ahead of India’s biggest cricket tournament</a>

You Searched For "Ingka Centres" and got 4 results

Ingka Centres to invest Rs 5,500 crore in India on second meeting place at Noida

PTI

Coronavirus impact: IKEA grants 26 million euro to protect co-workers, supplier, customers

PTI

Home interiors startup Livspace enters Singapore, aims for a $500 million business in 2.5 years

Sanchita Dash

IKEA’s push to reach 100 million customers in India will see the Swedish retail giant bet on online and smaller stores

Sanchita Dash

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