Swedish owned furniture retailer IKEA sold goods worth Rupees 2 Crores on an everyday basis in its first year of operations in India. It is estimated that the company earned a total revenue of Rupees 400 Crores from its maiden store that it opened in India. This is believed to be a revenue record from any brand in the country, within the first year of its operation.
In the first seven months of its operation at its first store at Hyderabad, the world’s biggest furniture retailer generated revenue of Rupees 407.2 Crores. IKEA’s revenue numbers are on par with Urban Ladder and almost twice to that of Pepperfry which started its operations seven years ago. It is estimated that around 40,000 people visited the store in its opening day at Hyderabad’s Hitech City, a technology hub that houses offices of prominent MNC’s such as Google, Microsoft, Accenture, and Dell.
After carefully analyzing India’s hot and tropical climate IKEA picked 7,500 products from its catalog of 10,000 products, and it has paid dividends judging by the nature of its sale and revenue returns. The Foreign Investment Promotion Board (FIPB) has cleared IKEAS’s proposed investment of Rupees 10,500 Crores to launch twenty-five additional stores by 2025 – each big enough to fit four football stadiums. So far, it has already received about Rs 2,515 Crore, or a fourth of its commitment, from its global paren