Ikea: is it India time?
Even in a weak economic environment, Ikea registered 7.7% growth on the previous year to reach 23.1 billion Euro.
Profits increased by 11% and stood at 2.5 billion Euro. Among the biggest expansion projects planned by the company there is India. The furnishings chain, which sources about 500 million Euro in textiles and other goods from this country annually, foresees to double this figure within three-four years. However, despite the large potential of the market, no stores has been opened until now due to the local retail rules. As things stand today the only way that IKEA can trade in India is through a joint partnership where a 49% stake of the venture is held by a local Indian firm, but this solution has been excluded by the Swedish retailer. For this reason the company is urging the Indian Government to relax the strict regulations and allow the company to open its superstores in the country.
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