Ikea, the world?s largest furniture company, will look to sell products at an affordable price in India and adapt itself to local tastes, the company?s country head, Juvencio Maeztu, said on the sidelines of the India Retail Forum 2012 in Mumbai.
?We are obsessed with low prices to make things affordable,? said Maeztu. ?We are not going to open too many stores in a short span of time. Our goal is to develop a long-term approach in India,? he said, adding the company has a lot of understanding to do.
It recently submitted documents to the government after the resolution of concerns over mandatory sourcing requirements. It had dropped the plan to enter the Indian market a few years ago due to restrictions in FDI. The company expects to keep its format of large stores in India, too. ?We don?t know yet what our plan is. At this point, there are many questions to be solved,? Maeztu said.
At the forum, India?s largest retailer Future Group said it will look at partnerships for various businesses. ?We are on the drawing board of looking at various opportunities, various options for many of our businesses,? Kishore Biyani told reporters. He said in the next six to nine months, there will be an emergence of a new retail format, adding that investments from private equity will be huge with foreign players entering the market.