According to a press release issued on Tuesday, Ikea India said it expects to become profitable in India in two years. The company entered India in August 2018 with their first store in Hyderabad.
Patrick Antoni, who took on the role of the India CEO in August, said the home furnishing market in India is projected to reach $48 billion by 2030, growing at a CAGR of 8.7%.
“At Ikea, we see a long-term opportunity to contribute to this growth by making home furnishing more affordable, accessible, and sustainable for the many people. As we continue to invest in our business and people, our goal is to turn profitable within the next two years, while building a solid foundation for a better everyday life for the many Indians,” Antoni said in the press release.
The company entered the online channel and north India this year.
Murali Iyer, chief financial officer at Ikea India, said the share of online sales grew by 34%, entry into North through online, and new format stores across Delhi and Bangalore has been rewarding. He said Ikea India had catered to almost 110 million customers across channels in FY25.The company said the furniture line led the sales for its India operations, but did not share revenue contribution. Ikea for Business contributed 19%, growing 20% yoy, while food contributed around 10% to the sales.
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