Online shopping surge helps lift IKEA's full-year sales

Ikea finally plans to open a store in Estonia

About a month earlier, IKEA India had to stop the sales of its popular vegetarian biryani and samosas, after a caterpillar was found in its vegetable biryani.

After making its Indian debut in Hyderabad, Ikea is now set to launch its first e-commerce store in Mumbai by 2019. It plans to establish a multi-channel presence in 49 cities pan India by 2030 with small format stores and large format stores.

Ikea will open 15 new stores across Mexico, Estonia, Ukraine, Puerto Rico, Oman, Luxembourg, Macau and the Philippines in FY19.

He said Ikea was usually in area of at least a million people with an hour's drive. But only one. The rest of the country simply is not densely enough populated and IKEA typically does not enter countries where they can only open one store.

Ikea is not listed and as a result it is not obligated to publish its net profit or other financial details.

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"We will contribute positively to the state's development by creating employment opportunities, investing in skill/competence development, growing local sourcing to meet India and global demands and bringing IKEA's global best practices to grow India's retail and manufacturing sector". Nine stores are planned in the region over a 10 year period.

"We're exploring new store formats in city centres - all with the aim to improve the meeting with our customers both physically and digitally", said Jesper Brodin, CEO of Ikea's Ingka Group, which operates Ikea stores in the US, Europe, China and other global markets. That includes a new store that was opened in Bahrain in September, Inter Ikea said.

Betzel, who attended the ground-breaking ceremony of Ikea's third India store here Thursday, said the company already had an online platform and was now in the process of connecting different platforms to maximise business prospects. Ikea's websites received 2.5 billion visits, an 8.7 per cent jump over its previous fiscal year. The company will also be launching its e-commerce operations by March next year.

"We're very excited to open in South America", Loof said in a phone interview. Now, we realise that India presents a much bigger opportunity for which ₹10,500 crore is inadequate. That means new Ikea franchisees should be able to "reach bigger volume faster with lower costs", Loof said.

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