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IKEA a Swedish Multinational ready-to-assemble furniture, kitchen appliances and home accessories opened their first ever store in India on Thursday in Hyderabad. A 4,00,000 square feet outlet opened with the investment of Rs.1000 crore is expected to draw as many as 6 million visitors a year.
The affordable and easy to assemble furniture showroom will be housing more than 7,500 kind of products in which about 1000 products will be priced less than Rs. 200 each. According to an official statement 20% of the products will be locally sourced. This store will also have a 1000 seater restaurant serving many of the Indian and Swedish cuisine.
This showroom is one of many outlets planned to be open in the Indian turf as one under construction in Mumbai. According to IKEA, they plan to open at least 25 stores in India. Although this is the first store of IKEA in India but as per the CEO of Swedish furniture group, IKEA has been sourcing for its global store from India for more than 30 years.
IKEA’s launch came to India at least after twelve years of market research.
