Swedish furniture retailer and home furnishing major IKEA on Thursday announced setting up a new product development company in India to support the creation of affordable and locally relevant products for domestic and global markets.
The new entity, IKEA Product Development Centre India, which has been set up by Inter IKEA Group, will increase local sourcing and develop unique, well-designed home furnishing products in India for both local and global customers, the company said in a statement.
India is one of the important sourcing markets for IKEA for more than 40 years.
"IKEA Product Development Centre India, which will support the development of products on behalf of IKEA of Sweden," the company said.
The company said the centre will help develop well-designed, functional and affordable home furnishing products by leveraging India's strengths, including its rich craftsmanship traditions, availability of raw materials and diverse manufacturing capabilities.
The centre will work closely with suppliers and other stakeholders to gain insights into consumers' lifestyles and home furnishing needs, helping create products that are relevant for Indian households while also catering to international markets.
The newly established company comprises a specialised team working across the IKEA ecosystem and will remain aligned with the group's global product development processes.
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