Davos 2024: Ikea Will Manufacture In India For The World, Says Deputy CEO
As Ikea plans its expansion in the country, it is looking at India as a production hub.
"It's not producing in India for India, it is producing in India for India and rest of the world," Juvencio Maeztu, deputy chief executive officer and chief financing officer of Ingka Group that operates Ikea, told NDTV Profit's Niraj Shah on the sidelines of the World Economic Forum 2024 in Davos.
The company sees opportunities in India and looks at it as a production hub for export. Ikea sees a long journey ahead with unique opportunities to grow production and sourcing, said Maeztu.
One of the major reasons to raise production in India is to help lower the prices. "By having more Ikea in India and by having more production in India with harmonised standard, we can create volume, and with high volume we reduce the price for the many people in India."
It is important to grow because the base to offering low cost is offering higher volume, he said.
The company, which has invested over Rs 10,500 crore in India, is planning to open new stores, harmonise standards and work in sync with the government of India. The company also has plans to open an online store in Delhi by the end of this year.
It will also expand its online presence in states like Andhra Pradesh, Telangana and Gujarat. India alone has an Ikea family of 2 million and they are looking to dive deeper into this "love story" and get more closer to people, he said.
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