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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

<ul><li><keyword id="6371031" type="General" weightage="100" keywordseo="ikea" source="Orion">IKEA</keyword> entered India in 2018 and since then has opened one store in Hyderabad and two in Mumbai. Its next two stops are Bangalore and Delhi.</li><li>We speak to <keyword id="1259757" type="General" weightage="20" keywordseo="kavitha-rao" source="Orion">Kavitha Rao</keyword>, Country Commercial Manager, <keyword id="6429663" type="General" weightage="20" keywordseo="ikea-india" source="Orion">IKEA India</keyword> who walks us through the brand's India journey so far and everything that lies ahead.</li></ul>It was back in 2018 that Swedish <keyword id="6354386" type="General" weightage="20" keywordseo="furniture" source="Orion">furniture</keyword> brand IKEA made its inroads into the Indian market with its first store in Hyderabad. 4 years since, the brand is now on its way to opening a store in Bangalore, after opening one large and one small showroom in Mumbai. While shopping for furniture online or on an app would have been difficult for a lot of people till even a few years back, the lockdown hastened India’s digitization journey, which proved to be a boon for retailers like IKEA. The company launched its app in May last year and has reportedly seen its online sale more than double in the last 2 years, a trend that <keyword id="1453334" type="General" weightage="20" keywordseo="peter-betzel" source="Orion">Peter Betzel</keyword>, CEO &amp; CSO at IKEA India is confident is here to stay. India still has a huge unorganized furniture segment. For a brand like IKEA, the task has been to present itself as an affordable and sustainable alternative. While the large format showrooms mean that after 4 years, IKEA has only been able to expand, physically, to only 2 cities, its online platform is helping it take its products to more cities. For the next few years too, the focus will be to steadily increase both its offline and online presence. To understand its journey in India so far and what lies ahead, we spoke to Kavitha Rao, Country Commercial Manager, IKEA India. Here’s what she had to say: IKEA’s India Journey So Far While IKEA’s official journey in India started in 2018 with the opening of its store in Hyderabad, it had been present in India since 2014, preparing for its foray into the country. Even before launching, the brand did a lot of research on what products will be relevant for Indian consumers and the team visited close to 2000 homes across different cities to understand their needs and aspirations. “It was about understanding the different activities people did in their homes and how furniture and <keyword id="792357" type="General" weightage="20" keywordseo="home-furnishing" source="Orion">home furnishing</keyword> accessories supported people in their everyday lives. That was a very important starting point for us. And then, at a later point, we placed IKEA products in customer homes across different cities to really see how they got used, to understand what worked well and what did not. In fact, in a good number of cases, we had actually placed products for anywhere between 12-18 months in customers homes between 2015-16 to really get first-hand feedback in terms of usage. And that was great insight for us because we also understood how our products fared in the Indian environment,” shared Rao. This gave the team an opportunity to work on some product design, improve on products even before they actually started selling in the country. Its research also helped it come up with products that are more locally relevant. For instance, IKEA India has a much larger collection of cooking utensils like pots and pans, considering Indians’ love for cooking, in comparison to a lot of other markets. When the brand launched its first showroom in Hyderabad, the marketing communication was very local, to keep it relevant to the consumers there. And the focus of the brand since has been on understanding the consumer better and presenting them with products that are relevant for them. “The starting point for us has always been the thinking that the product range is really the right entity. The most important thing that we are focused on is to bring well-designed functional home furnishing products that are affordable. We believe doing that consistently will help us build the brand in the long-term. We’re still relatively new here and have a long way to go in terms of establishing IKEA as the top-of-mind brand for the Indian consumer. However, we are not in India just to establishing the IKEA brand, we’re also here to help build the home furnishing category too,” added Rao. Navigating The Pandemic For a brand like IKEA, as for any other retail brand, the physical experience a consumer gets is very important. However, the pandemic restricted store entry. So how did the brand navigate those lockdown months? “It is always good to take a positive spin and be optimistic and that has been our approach since the first wave hit us. The positive out of this entire experience is that since we spent so much time indoors, the home became so much more important. But the challenging elements were that we worked through various lockdowns. There was a period when store visits were restricted but that is also where IKEA, as an <keyword id="2535292" type="General" weightage="20" keywordseo="omni-channel" source="Orion">omni-channel</keyword> retailer, was able to leverage other customer touchpoints, be it e-commerce or remote-selling. Most of the research reports point to the fact that Indian consumer’s digital adoption was one of the highest across the world. So that is been an interesting journey for us. And that also gave us the opportunity to expand our e-commerce offering in many more cities across India. But we also saw very quickly that not everybody was comfortable buying a category like home furnishing online. And there we really started to look at how to augment the experience itself, with more human interaction through services. During the first wave, we had something called an online personal shopper who could support a customer trying to buy home furnishing online. This was very important in the India context because many weren’t comfortable shopping online and also because there could be customers who did not have the knowledge of home furnishing and the kind of product choices they needed to make to meet their own needs. So it helped on both fronts.” The Roadmap Ahead With 3 physical stores in India currently, IKEA is focusing on its Bangalore store which is expected to open between April and May. “The next step for us is the Bangalore market where we will be opening both a large format store as well as a small format store. After that, the next milestone is Delhi where we have land parcels and work is underway in different stages in both Bangalore and Delhi. Those would be the next big steps for us and then we will start to explore the next set of cities within India,” shared Rao. On what their key focus for the next few years will be, Rao said, “It is about continuing the journey that we have started. We want to figure out how to make home furnishing relevant for consumers in India and how to create even more interest for the home furnishing category as a whole. Within that, in the context of marketing, our focus will be to understand how to make IKEA a relevant go-to brand for consumers in the India market. They see our products as well-designed, functional, affordable and sustainable for themselves. So at a very high level, that is really what we will focus on. And then in the short-term, considering we are in the midst of the third wave, the next couple of months our focus will probably be on staying agile to some of the changes that are happening in the environment and adapt and continue to be resilient to face the challenges of the new wave,” concluded Rao.

We’re not in India just to build brand IKEA but also to build the home furnishing category: Kavitha Rao, IKEA India

<ul><li>Swedish furniture retailer Ikea has opened its online for the residents of Mumbai, India's financial capital.</li><li>The company's launch in India's financial capital comes a year after its debut in Hyderabad.</li><li>That would pit the company directly in competition with the likes of Amazon, Flipkart, and Urban Ladder.</li></ul>Swedish furniture retailer Ikea has opened its online for the residents of Mumbai, India's financial capital. The launch in India's financial capital has come a year after the debut in Hyderabad. Mumbai will be the first city in the world where the multinational furniture retailer is going online without a physical store. With the entry of Ikea into one of the country's biggest consumer markets, competition is heating in the furniture space between a host of retailers both online and offline including the likes of Urban Ladder, Pepperfry, Home Town and Home Centre. However, organised retail is only a small portion of the total furniture demand, for which these players will battling each other. Going online first is not the only thing different about Ikea’s entry into Mumbai. Even after its online debut, the iconic stores of gargantuan size, roughly half a million square feet each, will be absent at least to start with. “The smaller stores can be 50,000 sq. ft - 150,000 sq. ft., large depending on what locations we are able to find," India Managing Director <a href="https://www.businessinsider.in/business/ikea-mumbai-store-launch-to-take-on-pepperfry-urban-ladder-and-flipkart/articleshow/70563420.cms" data-type="tilCustomLink" target="_blank">Peter Betzel told Business Insider</a> in an interview earlier this month. While Betzel didn’t elaborate on the rationale, the smaller stores may make sense in a crowded place like Mumbai where real estate is available at an exorbitant premium and travel can be cumbersome even for interested customers. The New York experience Even in New York, Ikea has a ‘planning studio’ in the upscale Manhattan area and not the standard blue-box store. It seems to have a similar plan for Mumbai too. “In addition to ecommerce and the Navi store, IKEA will also open smaller city center stores. This will make us more accessible and bring us closer to where customers are,” Betzel said. Ikea calls these smaller stores ‘touch points’ for the customer to get an experience before making the purchase. “Currently the decision is to open two city center stores in different parts of Mumbai. There could be more online and offline touchpoints in the future based on the learnings from the market,” Ikea’s top boss in India explained. The race is hotting up While both Pepperfry and Urban Ladder may have a headstart, they are going up against a giant in Ikea. The two startups put together have received investments worth less than $300 million in the last six years. On the other hand, “Ikea has committed to invest 1.5 billion euros ($1.68 billion) so far. Three Indian cities are in the fast speed expansion markets namely Mumbai, Bengaluru and Delhi/NCR. Our focus on India will only increase in the future,” according to Betzel. Even Flipkart, India’s largest online retailer, now owned by Walmart, is looking to set up experience centres. It unveiled an <a href="https://www.businessinsider.in/flipkart-offline-furniture-store-puts-its-in-competition-with-pepperfry-ikea-urbanladder/articleshow/70427696.cms">1,800 square feet outlet in Bengaluru</a> on July 29. With the likes of Walmart and Ikea throwing in their hat, running against smaller but more agile and homegrown players like Pepperfry and Urban Ladder, furniture retail in India is certainly set for exciting times. That would pit the company directly in competition with the likes of Amazon, Flipkart, and Urban Ladder, who have spent years and billions in building a customer base in India. But Betzel is more sanguine than many others would be. “With more players, the whole category will grow even more. There is place for everyone,” he said. The furniture market in India is expected to be worth $17 billion in the next three years but the big shops, malls and snazzy online retailers with discounts and offers sell <a href="https://redseer.com/reports/disruption-in-indian-furniture-retailing/">less than two in every ten pieces of furniture</a> bought in India. The trend is changing, especially in urban areas, and there is enough headroom for growth for the organised segment. 
 
 
 
 
 
 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/business/ikea-mumbai-store-launch-to-take-on-pepperfry-urban-ladder-and-flipkart/articleshow/70563420.cms" data-type="tilCustomLink" target="_blank">Ikea will make its Mumbai debut ‘very shortly’, says India chief as the first store in Hyderabad turns a year old</a> <a href="https://www.businessinsider.in/i-visited-ikeas-new-manhattan-location-and-it-was-like-nothing-else-ive-seen-from-the-retailer/articleshow/68821133.cms">I visited Ikea's new Manhattan location - and it was like nothing else I've seen from the retailer</a>

Ikea in Mumbai: The Swedish retailer is wooing online shoppers in India's financial capital

Ikea has spent five years in India, and its flagship store in Hyderabad is turning a year old. Now, it’s time for its debut in the country’s financial capital, Mumbai, according to Peter Betzel, the Swedish furniture retailer’s Managing Director in India. An announcement is expected within the next few days, according to another source. “While the Navi Mumbai store is getting ready, our focus now is to launch e-commerce in Mumbai very shortly, to be able to meet the many Mumbaikars sooner,” Betzel told Business Insider in an exclusive interview. This is the first time the global retailer is entering a market without a physical store. That would pit the company directly in competition with the likes of Amazon, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, and <keyword id="6368309" type="UNKNOWN" weightage="20" keywordseo="urban-ladder">Urban Ladder</keyword>, who have spent years and billions in building a customer base in India. But Betzel is more sanguine than many others would be. “With more players, the whole category will grow even more. There is place for everyone,” he said. The furniture market in India is expected to be worth $17 billion in the next three years but the big shops, malls and snazzy online retailers with discounts and offers sell <a href="https://redseer.com/reports/disruption-in-indian-furniture-retailing/">less than two in every ten pieces of furniture</a> bought in India. The trend is changing, especially in urban areas, and there is enough headroom for growth for the organised segment. 
 
 
 
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 Touch points Going online first is not the only thing different about Ikea’s entry into Mumbai. The iconic stores of gargantuan size, roughly half a million square feet each, will be absent at least to start with. “The smaller stores can be 50,000 sq. ft - 150,000 sq. ft., large depending on what locations we are able to find,” he said. While Betzel didn’t elaborate on the rationale, the smaller stores may make sense in a crowded place like Mumbai where real estate is available at an exorbitant premium and travel can be cumbersome even for interested customers. Even in New York, Ikea has a ‘planning studio’ in the upscale Manhattan area and not the standard blue-box store. It seems to have a similar plan for Mumbai too. “In addition to ecommerce and the Navi store, IKEA will also open smaller city center stores. This will make us more accessible and bring us closer to where customers are,” Betzel said. Ikea calls these smaller stores ‘touch points’ for the customer to get an experience before making the purchase. “Currently the decision is to open two city center stores in different parts of Mumbai. There could be more online and offline touchpoints in the future based on the learnings from the market,” Ikea’s top boss in India explained. Been there, done that Similar formats have been tried by other online furniture retailers in India like Pepperfry and Urban Ladder. Pepperfry had launched its first offline studio in 2014. Since then, they have expanded to 65 studios across 28 cities. In fact, in every city that Pepperfry has launched a studio, the sales had doubled, <a href="https://www.businessinsider.in/pepperfry-studio-location-to-increase-50-as-sales-double/articleshow/69859900.cms">according to the management</a>. “While we don’t sell directly through our offline studios, they contribute significantly to our sales. Close to 40% of our overall turnover comes from the online bookings made at these studios,” Mihir Kulkarni, Vice President and Head of Omnichannel expansion, <a href="https://www.businessinsider.in/flipkart-offline-furniture-store-puts-its-in-competition-with-pepperfry-ikea-urbanladder/articleshow/70427696.cms">Pepperfry told Business Insider in an earlier interview</a>. The race is hotting up While both Pepperfry and Urban Ladder may have a headstart, they are going up against a giant in Ikea. The two startups put together have received investments worth less than $300 million in the last six years. On the other hand, “Ikea has committed to invest 1.5 billion euros ($1.68 billion) so far. Three Indian cities are in the fast speed expansion markets namely Mumbai, Bengaluru and Delhi/NCR. Our focus on India will only increase in the future,” according to Betzel. Even Flipkart, India’s largest online retailer, now owned by Walmart, is looking to set up experience centres. It unveiled an <a href="https://www.businessinsider.in/flipkart-offline-furniture-store-puts-its-in-competition-with-pepperfry-ikea-urbanladder/articleshow/70427696.cms">1,800 square feet outlet in Bengaluru</a> on July 29. With the likes of Walmart and Ikea throwing in their hat, running against smaller but more agile and homegrown players like Pepperfry and Urban Ladder, furniture retail in India is certainly set for exciting times. SEE ALSO: <a href="https://www.businessinsider.in/i-visited-ikeas-new-manhattan-location-and-it-was-like-nothing-else-ive-seen-from-the-retailer/articleshow/68821133.cms">I visited Ikea's new Manhattan location - and it was like nothing else I've seen from the retailer</a>

Ikea will make its Mumbai debut ‘very shortly’, says India chief as the first store in Hyderabad turns a year old

<ul><li>Business Insider visits <keyword id="6887416" type="UNKNOWN" weightage="20" keywordseo="space10">Space10</keyword> – <keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">IKEA</keyword>’s innovation lab in Delhi. </li><li>Simon Caspersen, co-founder of Space10 speaks about why the lab is popping up in Delhi for six months but hopes to stay on for more. </li><li>In Copenhagen, they are currently running multiple themes – solar energy, open fabrication (open source design), natural interfaces and Artificial Intelligence and shared living.</li></ul>IKEA’s innovation lab Space10 made its way into India to work on solutions that can help combat real problems for real people. Nestled in the Dhan Mill compound in Chattarpur, Delhi, the Space10 office is a spacious enough to host public programmes with an open lab environment for researchers, innovators and experts. We caught up with Simon Caspersen, co-founder of Space10 as he spoke about why the lab is popping up in Delhi for six months but hopes to stay on longer. “We have come to learn from India, gain new perspectives and collaborate with Indian experts, creatives and specialists in multiple fields and together experiment, and prototype new solutions, that can enable a better everyday life for people and planet,” said Caspersen. As a research and design lab, Space10 explores the challenges that the human race faces and hunt for solutions. It was based out of Copenhagen for four years now, they have had short stints in New York, Nairobi, London, Shanghai and Singapore. But this is the first time they have set up a big space in another country for six months. “In Delhi, we are going to be open for six months and then we will evaluate. We have an open lab where we will collaborate with people to develop our projects. In Copenhagen, we keep the team as small as possible but when we look at our projects sometimes there are 700 people working across projects,” said Caspersen. They will also host public programmes where partners can discuss issues under one roof. They also help bring together a network for people from different projects. In Copenhagen, they are currently running themes like – solar energy, open fabrication (open source design), natural interfaces and Artificial Intelligence and shared living where they are rethinking the way future cities are going to be designed, built and financed. They are also going to work with Indian researchers for the same issues. “In India, we are doing a research project on electricity. We are exploring the barriers of electricity access in India,” said Caspersen. Being completely funded by IKEA, Space10 works for them and helps influence their future business plans.

IKEA’s innovation lab Space10 is an open house for Indian innovators to collaborate

You read that right. The Swedish home-furnishing giant announced that <a href="http://www.businessinsider.in/EXCLUSIVE-Ola-share-pass-pre-sells-5-million-share-rides-in-60-days/articleshow/55848574.cms">to say thank you to its employees through Tack! </a>– the <keyword id="897218" type="ORGANIZATION" weightage="20" keywordseo="IKEA-Group">IKEA Group</keyword> loyalty program. IKEA Group will pay its co-workers another €108 million this year into their pension funds, for their loyalty and contribution. 
 “I am happy to announce that this year’s payout will give our co-workers at IKEA Group in India a Rs.1,40,219/- each in their pension fund for this year. In India today we have around 300 co-workers, which will grow to 1500+ co-workers in a year and 14000 by 2025. We value our co-workers who are our most valuable assets.” said <keyword id="3922608" type="UNKNOWN" weightage="20" keywordseo="anna-carin-mansson">Anna-Carin Mansson</keyword>, Country HR Manager, IKEA India. 
 
IKEA has been sourcing from India for the 30 years for <a href="http://www.businessinsider.in/Shopclues-launches-Reach-to-digitize-offline-merchants-payments/articleshow/55830955.cms">its global stores. In India, it currently has 50 suppliers with 45,000 direct employees and 400,000 people in the extended supply chain. </a>It is is the first major single brand retailer to get <keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword> approval and plans to open several stores in Delhi/NCR, Hyderabad, Karnataka, and <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword>. The first IKEA India store is slated to open in Hyderabad by end December and Mumbai in mid-2018. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-IKEA-APAC-Head-talks-about-what-to-expect-from-the-upcoming-IKEA-store-in-Hyderabad/articleshow/55812739.cms">ALSO READ: EXCLUSIVE: IKEA APAC Head talks about what to expect from the upcoming IKEA store in Hyderabad</a> 
 
As part of this unique loyalty program, IKEA Group co-workers annually receive an extra payout in addition to existing pensions, according to the same fair and simple principle. 
 
Every full-time IKEA Group co-worker in India who has worked for IKEA for five years or more receives the same amount regardless of their position or salary level. Part-time co-workers will receive a proportional amount in relation to hours worked. 
 
Since Financial Year 2014, €413 million has been allocated to the TACK! programme. The global funding is divided amongst all IKEA Group countries, based on each country’s proportion of the total salary and wages. A pre-requisite for a funding of the program is that IKEA Group reaches its goal results.

IKEA announced that they will give their Indian employees Rs.
1,40,219 as an extra bonus, this year

<ul><li>In an interview with Business Insider, <keyword id="1870519" type="PERSON" weightage="20" keywordseo="Ashish-Goel">Ashish Goel</keyword>, co-founder and CEO, <keyword id="6368309" type="UNKNOWN" weightage="20" keywordseo="urban-ladder">Urban Ladder</keyword> talks about the company’s expansion plans and the rough patch it had early this year. </li><li>Urban Ladder had to let go of 90 employees as a part of an organizational restructuring in early 2019. </li><li>However, it is present in 13 cities, and now looking to expand to 10 new cities in a year.</li></ul>Online furniture retailer Urban Ladder is in an expansion mode as it hopes to turn profitable by the end of 2019. Moreso, it also intends to go for an IPO in two years. The startup is now present in 13 cities. It also has physical retail stores in (Bangalore and Delhi, and is looking to expand offline as well. The startup however had to face a rough patch between February and March 2019, when it had to let go of 90 employees as a part of an organizational restructuring. “The online furniture space is one that is constantly evolving. As we evolve, the organizational focus, and structure will also evolve to cater to the needs of the sector. Because of the restructuring, some functions become more important while others were not the need of the hour at the time,” Ashish Goel, co-founder and CEO, Urban Ladder told Business Insider in an interview. This decision to restructure decision was backed by its investors.. “This, by no means, is a sign of the business being in trouble, but more so a sign of the business evolving and growing. Our investors are firmly backing us,” he said. <a href="https://entrackr.com/2019/06/urbanladder-400-employee-layoff-profitability/">Reports</a> also say that although Urban Ladder’s losses reduced from last year, they were still high. Its losses were ₹4.59 billion in 2016-17 and ₹1.17 billion in 2017-18. However, Goel is confident that they will turn profitable this year. Rising competition from <keyword id="6371031" type="UNKNOWN" weightage="20" keywordseo="IKEA">Ikea</keyword> and <keyword id="864887" type="COMPANY" weightage="20" keywordseo="Pepperfry">Pepperfry</keyword> Now, more than ever Urban Ladder which has been around for seven years, has to spruce up its business. Giants like Ikea from Sweden along with homegrown Pepperfry are turning the market competitive. As the market constantly evolves, Goel has these questions on his mind – How will they stay ahead of the curve given that there are multiple players in the market? How will they map and subsequently service the evolving needs of the Indian consumer base? How will they build a customer friendly support chain that will help deliver great post purchase experience? “It is a matter of balancing the relevance of our brand with a deeper and passionate understanding of our customer,” he said answering them himself.

Four questions that are on the mind of Urban Ladder’s founder as he battles competition from Ikea and Pepperfry

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

<keyword id="6371031" type="COMPANY" weightage="100" keywordseo="Ikea">IKEA</keyword> will build a 400,000 square feet in Mumbai and has received a land parcel for the same, the Swedish <keyword id="6354386" type="UNKNOWN" weightage="100" keywordseo="Furniture">furniture</keyword> retailer said on Friday. 
 The 23-acre site in <keyword id="57321" type="PERSON" weightage="100" keywordseo="Navi-Mumbai">Navi Mumbai</keyword> is the second land parcel for IKEA in the country with the first being in Hyderabad. 
 "Maharashtra is one of the most important markets for IKEA. Along with setting up retail stores, we will expand our supplier landscape and grow local sourcing as much as possible," <keyword id="1412034" type="UNKNOWN" weightage="100" keywordseo="Juvencio-Maeztu">Juvencio Maeztu</keyword>, chief executive officer at IKEA India told Economic Times. 
 
According to Maeztu, each IKEA store will employ 500-700 workers directly and another 1,500 indirectly, engaged in providing services. "We are committed to having 50% women in our organisation at all levels and giving equal opportunities to all," he said. 
 
IKEA, which received government approval for its Rs 10,500 crore proposal to open fully owned retail stores in the country in 2013, plans to open 25 stores by 2025 in nine Indian cities including Bengaluru, Mumbai and Delhi-NCR. It recently signed a memorandum of understanding with Haryana government and said it will invest an estimated Rs 2,000 crore to open stores in the state. 
 
The company expects its Navi Mumbai store to attract more than 5 million visitors each year once it's operational. 
 
IKEA has been sourcing from India for the last 30 years and it plans to double its sourcing volumes by 2020. Through it 50 suppliers, IKEA today employs 45,000 people directly and about 400,000 in the extended supply chain. It has recently organized three "Make More in India" campaigns, including one in Mumbai to look for new suppliers.

IKEA gets 23,000 acre land in Navi Mumbai, to open 400,00 sqt feet store

Global <keyword id="792357" type="UNKNOWN" weightage="100" keywordseo="Home-furnishing">home furnishing</keyword> major <keyword id="6371031" type="COMPANY" weightage="100" keywordseo="Ikea">IKEA</keyword> is planning to double their sourcing as part of their retail expansion plans in the India. "India is a very important market for IKEA. It is the last big market for IKEA to enter and we believe that we can learn a lot from our expansion in the country, that will affect the whole company," IKEA Deputy Managing Director Range and Supply <keyword id="3019009" type="UNKNOWN" weightage="100" keywordseo="Catarina-Lowenadler">Catarina Lowenadler</keyword> told PTI. 

	The company is confident that India will influence its coming range development both in terms of design and price level, she added. 
 

	By 2020, the company will be doubling its purchase value from the current 350 million euros to 700 million euros, she said. 
 

	The new categories "we are looking to develop are mattresses, sofas and book shelves as well as new materials like jute, coconut fibres, mango and Bamboo," Lowenadler said. 
 

	The company has big retail plans for India and looks to open over 20 stores in the country by 2025 as a mid-term goal. 
 

	"Our mid-term goal is to open 25 stores by 2025. We have bought land in Hyderabad and expect to open our first store in 2017. We are also looking to open more stores in parallel in Delhi NCR, Mumbai and Bengaluru," she added. 
 In the next phase, the company will work on the second wave of cities such as Chennai, Pune, Ahmedabad, Surat and Kolkata, <keyword id="6429663" type="COMPANY" weightage="100" keywordseo="Ikea-India">IKEA India</keyword> Communications and Sustainability Manager Patrik Antoni said. 
	 
	(Image credits: Indiatimes)

India next big destination for IKEA

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, As India's <keyword id="390059" type="PERSON" weightage="20" keywordseo="smartphone-market">smartphone market</keyword> registered a massive year-over-year (YoY) growth of 42% in October shipping 21 million units, 25% of the market sat in top tier cities -- New Delhi, <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, Bengaluru, <keyword id="12864" type="LOCATION" weightage="20" keywordseo="Chennai">Chennai</keyword>, and <keyword id="6354925" type="PERSON" weightage="20" keywordseo="kolkata">Kolkata</keyword> -- registering more than 50% YoY growth in October. According to the IDC, the next set of emerging markets, namely Jaipur, <keyword id="6361586" type="PERSON" weightage="20" keywordseo="Gurgaon">Gurgaon</keyword>, Chandigarh, Lucknow, Bhopal and Coimbatore, also grew by nearly 50% YoY. However, the rest of the states (up-country markets) registered slower growth (average 25%), primarily owing to looming economic concerns and consumer spending narrowing to essentials only, according to <keyword id="9841807" type="COMPANY" weightage="20" keywordseo="the-international-data-corporation">the International Data Corporation</keyword> (IDC) India Monthly Smartphone Tracker. The leading 50 cities accounted for 55% demand nationally. "Despite delayed deliveries due to restrictions in several zones, consumers went for online purchases, especially on third party e-Tailer platforms, registering 23% YoY growth with 50% share," the report showed. Bigger cities leaned heavily towards online channels, with 57% online share in the top 5 metros. "But supply constraints remained, impacting offline channel sales as a result of fewer retail walk-ins". While Xiaomi led in 34 of the major 50 cities within the online channel, Vivo led in 44 of the major 50 cities within the offline channel. Half a million 5G devices were sold, with almost 80% from the top 10 cities of India. "Though 5G is a driver from a technological advancement standpoint, uncertainties on spectrum availability, clear use cases and high prices might restrict its uptake to few bigger cities initially," said Sachin Mehta, Market Analyst, Client Devices, IDC India. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/wistron-apple-iphone-manufacturer-could-face-these-penalties-if-found-guilty/articleshow/79790319.cms">If investigators find Wistron management guilty, here's what is at stake for the company</a> <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-say-if-you-should-subscribe-or-not-to-the-300-crore-ipo-of-antony-waste-handling-cell/articleshow/79790998.cms">Antony Waste Handling Cell ₹300-crore IPO will open on Monday— these are the risks and opportunities</a> <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>

Delhi, Mumbai, Bengaluru, Chennai and Kolkata to capture 25% of smartphone market in October

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, <keyword id="6367091" type="COMPANY" weightage="20" keywordseo="petrol">Petrol</keyword> and <keyword id="6397171" type="UNKNOWN" weightage="20" keywordseo="diesel-prices">diesel prices</keyword> were <keyword id="6404067" type="UNKNOWN" weightage="20" keywordseo="unchanged">unchanged</keyword> for the 13th consecutive day on Sunday across the four metro cities. In the national capital, petrol was priced at ₹83.71 per litre. In the other key cities of <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, <keyword id="12864" type="LOCATION" weightage="20" keywordseo="Chennai">Chennai</keyword> and <keyword id="6354925" type="LOCATION" weightage="20" keywordseo="kolkata">Kolkata</keyword>, the fuel was sold for ₹90.34, ₹86.51 and ₹85.19 a litre respectively. Oil market companies (OMC) have gone on a wait-and-watch mode at a time when news of successful coronavirus vaccine and expectations of big pick-up in demand have kept crude on the boil with prices breaching $52 a barrel mark. Petrol prices were very close to breaching the all-time high level of ₹84 a litre (reached on October 4, 2018) when it touched ₹83.71 a litre on December 7. But the march has been halted ever since with no further price revision. Global crude prices have risen almost $12 a barrel in last one month to reach over $52 a barrel now. But even at this level, it is far less than than average crude price of $80.08 a barrel in October 2018 when petrol prices touched highs of ₹84 a litre in the national capital. Diesel prices too were same as the previous levels. In Delhi, Mumbai, Chennai and Kolkata, diesel was sold for ₹73.87, ₹80.51, ₹79.21 and ₹77.44 per litre, respectively, all unchanged levels. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/wistron-apple-iphone-manufacturer-could-face-these-penalties-if-found-guilty/articleshow/79790319.cms">If investigators find Wistron management guilty, here's what is at stake for the company</a> <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-say-if-you-should-subscribe-or-not-to-the-300-crore-ipo-of-antony-waste-handling-cell/articleshow/79790998.cms">Antony Waste Handling Cell ₹300-crore IPO will open on Monday— these are the risks and opportunities</a> <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>

Petrol and diesel prices remain unchanged across Delhi, Mumbai, Chennai and Kolkata for 13th straight day

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, <keyword id="472760" type="PERSON" weightage="20" keywordseo="Indian-pharma-companies">Indian pharma companies</keyword> are expected to benefit from improving demand in the US market, said <keyword id="1498859" type="COMPANY" weightage="20" keywordseo="India-Ratings-and-Research">India Ratings and Research</keyword> (Ind-Ra). As per the ratings agency, these companies have garnered 45% of all new Abbreviated New Drug Application (ANDA) approvals over the past nine months. Besides, Ind-Ra expects the regulatory environment to remain stringent. However, it said well-equipped companies would be able to take the advantage of a better pricing outlook emanating from supply shortages and recalls. "Indian companies have received a higher share of new ANDA approvals since April 2020 led by significant manufacturing facility clearances, GDUFA-II (Generic Drug User Fee Amendments), and a strong filing momentum aided by historical investments in R&amp;D," Ind-Ra added in a report. "Ind-Ra has seen an increasing drug demand since the start of the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword> led by supply chain issues, channel filling, and demand for Covid-19 led <keyword id="10461594" type="UNKNOWN" weightage="20" keywordseo="preventive-products">preventive products</keyword>. In the past, too, there was <keyword id="937715" type="PERSON" weightage="20" keywordseo="drug-shortage">drug shortage</keyword> in the US due to the exit of the large generic players from unviable products." "Overall drug shortages in the US are leading to moderate-to-stable pricing pressures." Furthermore, it cited that majority of the drug recalls (91%) from the US markets are from the non or least serious category (Class-II and III recall). Accordingly, only 'Class-I' drug recalls are serious in nature. SEE ALSO: <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> <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> <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>

You Searched For "ikea delhi" and got 13 results

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

PTI

We’re not in India just to build brand IKEA but also to build the home furnishing category: Kavitha Rao, IKEA India

Samarpita Banerjee

Ikea in Mumbai: The Swedish retailer is wooing online shoppers in India's financial capital

Sriram Iyer

Ikea will make its Mumbai debut ‘very shortly’, says India chief as the first store in Hyderabad turns a year old

Sriram Iyer

IKEA’s innovation lab Space10 is an open house for Indian innovators to collaborate

Sanchita Dash

IKEA announced that they will give their Indian employees Rs. 1,40,219 as an extra bonus, this year

Tanya Dubey

Four questions that are on the mind of Urban Ladder’s founder as he battles competition from Ikea and Pepperfry

Sanchita Dash

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

PTI

IKEA gets 23,000 acre land in Navi Mumbai, to open 400,00 sqt feet store

BI India Bureau

India next big destination for IKEA

BI India Bureau

Delhi, Mumbai, Bengaluru, Chennai and Kolkata to capture 25% of smartphone market in October

IANS

Petrol and diesel prices remain unchanged across Delhi, Mumbai, Chennai and Kolkata for 13th straight day

IANS

Indian pharma companies to benefit from increasing demand in US, says report

IANS

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