Hyderabad: Swedish home furnishing major IKEA opened its first Indian store at Hi-Tec City on Thursday.
IKEA opened first store almost five years after it received government approval in 2013 to invest Rs 10,500 crore in the country to open retail stores.
IKEA's Hyderabad store has come up with an investment of Rs 1,000 crore and and will house a 1,000-seater restaurant, IKEA's largest.
The store is 4,00,000 sq.Ft. Large and spread over 13 acres.
It will offer 7,500 affordable, value for money home furnishing products and 1,000 products will be priced below Rs 200.
The IKEA Hyderabad store employs 950 co-workers (nearly 50 percent women) directly and 1,500 indirectly in services and expects to host close to 7 million visitors each year.
After the Hyderabad store, the next will be launched in Mumbai and is expected to be ready by 2019 summer, which will be followed by Bengaluru, Gurugram.
By 2025 the company is looking at more than 25 touchpoints across various cities including new ones like Ahmedabad, Surat, Pune, Chennai and Kolkata, Antoni said.
IKEA aims to reach 200 million customers in India in the next three years.
Founded in 1943 by late Swedish entrepreneur Ingvar Kamprad, Ikea currently has 403 stores in 49 countries, with a sales volume of 38.3 billion euros.
IKEA has been sourcing its products from India for its global stores for more than 30 years.
According to the company 936 million customers visited its stores in FY17 and more than 2.3 billion people visited IKEA online.