Responding to a question from Business Today on key take away from India for the Swedish giant, Jesper Brodin, CEO, IKEA group said, it was really around affordability of the products it offers while ensuring its highest quality standards and those lessons it would want to bring to practice in its future roll outs in other parts of the country and overseas.
"We promise to give great quality at affordable prices and try to expand quickly and reach other parts of the country with multiple stores", Brodin told a news conference.
John Achillea, IKEA's Managing Director for Telangana, Telangana's IT Minister K.T. Rama Rao and other key individuals of the Sweden-based furniture retail company inaugurated the store. 'We haven't changed our entire product line as we believe that more than 90% of our range is our identity, ' says Peter Betzel, CEO IKEA India.
IKEA plans to open the next store in Navi Mumbai in 2019, followed by Bengaluru and Delhi.
The differences between Hyderabad and the furniture giant's 400-odd outlets elsewhere start in the 1,000-seater restaurant, its biggest worldwide and according to Ikea "possibly India's largest". Swedish home furnishing store IKEA on the first of opening was expecting around 30,000 customers, while reports say that around 10,000 customers had visited the store by 4 pm, however, the number soars up further during the evening.
"We have a total of 1,69,500 members till date, pan India, and approximately 1,45,000 only in Hyderabad", an IKEA spokesperson said, but did not share the total amount billed on day one. About 5% of IKEA's 38 billion euros global revenue in 2017 came through online sales.
IKEA, the world's leading Swedish home furnishings retailer has entered the Indian market with the launch of its first store in India at Hyderabad. We have two ranges.
Some locals in Hyderabad said they would take a look.
"Installation of blue panels at the future IKEA Live Oak marks a critical milestone for our construction plans and brings us a step closer to our store opening next winter", said Lars Petersson, IKEA U.S. president.
"I will certainly visit the store soon, probably at the weekend". "The regular furniture consumer will stick with the more solid wood available in the Indian market".