IKEA expects production to rise in India

Almhult (Sweden): With its first store in India set to open next year, Swedish furniture retailer IKEA expects production units to be set up for its products in India in order to fully tap the potential of ‘big middle class’ consumers in the market. The company, which has already purchased land in Hyderabad and Mumbai to start retail operations, is also looking to double sourcing of products for its global operations from India by 2020.  “It is important for us to set up our production in India,” IKEA Group President and CEO Peter Agnefjäll told PTI. The company, plans to open 25 stores by 2025 in nine Indian cities.