IKEA is a multinational group of companies - founded in Sweden - that sells ready-to-assemble furniture, kitchen ware and home accessories. IKEA is the biggest furniture company in the world, with over 400 stores worldwide, selling affordable household items to millions of customers. It was started by Ingvar Kamprad in 1943, who was 17-year-old at the time, in Sweden. The company is opening its first store in India on Thursday.
IKEA will provide Nordic-inspired furniture to its customers. The store will also have a large restaurant which can accommodate around 1,000 people at a time. The IKEA store, a 13-acre complex, is situated in Hitec City, which is on the outskirts of Hyderabad.
IKEA's Hyderabad store will have a range of 7,500 items to sell. Out of these, around 1,000 items will be sold at a price less than Rs 200. The company plans to open 25 such stores across the country by 2025.
IKEA's restaurant will serve "Biryani" for Rs 99 per plate.
The company expects a whopping annual footfall of 6 million customers. The company has invested around Rs 1 billion in its first venture in India.
IKEA plans to open other stores as well, including a store in Mumbai that is expected to be opened in 2019. It will also have stores in Chennai, Ahmedabad, Pune, Surat, Bengaluru and Delhi.
The company will currently employ around 900 employees for its Hyderabad store. It aims to provide employment to 15,000 people by 2025.