IKEA had originally planned to open the first store in 2017.
India's first-ever IKEA store is set to open Thursday, and it will feature cheaper products and a one-of-a-kind dining experience.
There are also more than 1,000 products under 200 rupees to satisfy consumers that John Achillea, Ikea Hyderabad store manager, says have "big aspirations for their homes and small wallets".
The MNC, which had outlined an investment plan of Rs 10,500 crore when it secured FIPB permission for 100 per cent FDI, had mentioned about setting up 25 stores. The company's first store in India comes more than five years after it received the government's nod for its Rs 10,500 crore investment in the country in single-brand retail.
Ikea chief executive Jesper Brodin said the company would strive to meet the "needs, frustrations and dreams" of local consumers. "We are now ready and excited to open our doors to enable Indians create a better everyday life at home for themselves", outgoing CEO Maeztu said.
The Hyderabad store offers 7,500 products, employs 950 workers directly and 1,500 people indirectly. IKEA plans to further step up sourcing from India. Moreover, it is also planning to eventually open large or small format stores in at least 49 other Indian cities with population of more than a million. Around 1,000 of those products will be available for under Rs 200, IKEA said in an official statement. "For us, the community is a very important priority".
In order to take stock of the market, Ikea teams had visited around 1,000 homes in India across different income levels to understand the complex fabric of the society.
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Meanwhile the death toll from the powerful quake continues to rise, with 347 people now reported dead, according to CNN . We are all frustrated to live like this - in a tent without certainty. "I don't know how to rebuild on my own.
Plot size of 8-11 acres for store to be set up.
Full-service offer - in-house and outsourced assemblers, pick-up and delivery, home planning consultants.
AD got an exclusive sneak peek inside the sprawling new IKEA store in Hyderabad! What is interesting is to study the pricing and how Indians will take to the format. "Ikea is globally game-changing business".
"The pace of opening stores in India will intensify", said Harminder Sahni, founder and managing director of consulting firm Wazir Advisors in Gurugram, near Delhi, adding that the 75-year-old Swedish company spent more than a decade researching the market to ensure its success in India. Pepperfry has raised $197 million while Urban Ladder has raised $106 million till now. These startups have also started brick-and-mortar stores.
But Ikea, which has been planning its India entry since 2013, surely brings in a global understanding and will want to quickly learn how to win Indian customers.
The Founders of Urban Ladder, meanwhile, told YourStory that they "welcome competition and it's good for the Indian economy".
The Swedish company said it is investing $1.5bn (£1.2bn) in India, as it plans to lure its rising middle class away from local furniture makers. The furniture market in India is $34 billion, of which only $5 billion is organised.