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Swedish home furnishings major IKEA opened its first store in India, kicking off its retail journey five years after it received approval to invest in the country's single-brand retail sector.
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The company, which has employed 950 people directly and another 1,500 indirectly at its store here, plans to hire 15,000 in the coming years as it expands operations in India. IKEA Group CEO Jesper Brodin said the opening of the first store in India marks a milestone in the company's journey here which began over three decades ago through sourcing of products. (AP)
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The store here is the first of 25 such outlets planned to be set up in India by 2025. In 2013, IKEA received nod from the government to invest Rs 10,500 crore in single-brand retail. Out of the total outlay of Rs 10,500 crore, the company has so far invested Rs 4,500 crore in its different projects in India. (AP)
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It has invested Rs 1,000 crore on the Hyderabad store alone, which would have a range of around 7,500 products. The store is spread over 13 acres of land and has a built-up area of 4 lakh square feet. (AP)
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The Hyderabad store will house a 1,000-seater restaurant, IKEA's largest. IKEA had originally planned to open its first store in India by 2017, but it was delayed. The opening of its first store here was scheduled for July 19 this year but the company again pushed it back by almost 20 days to August 9, citing quality commitments. (AP)
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The IKEA store in Hyderabad will offer 7,500 affordable, value for money home furnishing products and 1,000 products will be priced below Rs 200 including cutlery, stuffed toys, hangers and container boxes – cheaper than in most countries. (AP)
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The IKEA Hyderabad store expects to host close to 70 lakh visitors each year. (PTI)
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After Hyderabad, Ikea's second store would be in Mumbai next year, followed by Bengaluru and Delhi-NCR. The company has also identified four more cities in India where it plans to set up its stores but did not disclose details. (Reuters)
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By 2025 the company is looking at more than 25 touchpoints across various cities including new ones like Ahmedabad, Surat, Pune, Chennai and Kolkata. IKEA aims to reach 200 million customers in India in the next three years. (AP)
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The company, currently has 403 stores in 49 countries, with a sales volume of 38.3 billion euros. IKEA has been sourcing its products from India for its global stores for more than 30 years. (AP)
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