IKEA plans to ramp up sourcing in India, eye new categories
Swedish furniture retail major IKEA is mulling increasing sourcing of items from India and widening its supplier base in the country.
The company's Indian arm, IKEA India, which is already sourcing large amount of textiles, plans to expand it to new categories.
IKEA India Executive Officer Juvencio Maeztu who met DIPP Secretary Amitabh Kant today briefed officials of the commerce and industry ministry about its business plans.
"We have shared our plans to make more (in India) and we are now in contact to increase our supplier base and we have great plans to develop all our production," Maeztu told reporters after meeting Kant.
IKEA, which had announced plans to invest Rs 12,500 crore in India to set up 25 stores over the next decade, is working on setting up its stores in cities such as Mumbai, Delhi, Hyderabad and Bengaluru in the initial phase.
Last September, the world's largest furniture retailer announced a new initiative 'Make More in India' as it plans to double its sourcing from the country to about 630 million euro in value terms by 2020.
Maeztu also said the company wanted to source more from India.
"We are doing a lot of textiles and we are expanding to new categories," he added.
IKEA has around 50 suppliers in India.