IKEA India has announced plans to quadruple its revenue by 2030 as part of an aggressive expansion strategy across the country. According to reports from Business Standard, the Swedish furniture retailer aims to open 30 stores by 2030, representing a significant increase from its current network of three large-format stores in Navi Mumbai, Hyderabad and Bengaluru, plus three city stores. The company has now set a ₹8,000 crore turnover target by 2030, up from its current ₹2,000 crore revenue. CEO Patrik Antoni shared that the company is around ₹2,000 crore of turnover today and believes it can quadruple this by 2030. The latest development includes the opening of IKEA's fourth city store in New Delhi on July 30, spread across 30,000 sq. ft. over two levels, showcasing nearly 3,000 products including around 1,400 items available for immediate takeaway. In 2024-25, IKEA India's revenue rose 6% to ₹1,860 crore, demonstrating strong growth momentum as the company approaches its ambitious 2030 targets.
IKEA India is implementing a multi-format approach to accelerate expansion across India. As reported by Business Standard, the company's store formats include large-format stores covering upwards of 100,000 sq ft, mid-format stores around 70,000 sq ft, and smaller stores of approximately 25,000 sq ft. CEO Patrik Antoni explained that smaller-format stores offer faster expansion with less real estate investment, enabling quicker market entry and closer proximity to customers. The company expects 25% of its 30 planned stores to be large-format, with additional mid-sized stores planned for Delhi. The retailer also plans to double its sourcing volumes from India over the next three to four years, supported by higher exports and growing domestic demand as it expands its store network.
IKEA India is targeting significant increases in local sourcing and employment as part of its expansion strategy. According to Business Standard, the company aims to increase locally sourced products from 30% to 50% of its sales, which will drive additional affordability for Indian customers. Additionally, the retailer plans to double its retail workforce to 5,000 employees by 2030 as it expands its store network. The company currently employs 2,500 people and is looking to double that until 2030, which means another 2,500 colleagues will come in. The expansion will focus on six key markets: Delhi and surrounding areas, Mumbai, Hyderabad, Bengaluru, Chennai and Pune, where the company already has established presence. CEO Antoni noted that the company will add one or two more mid-sized stores in Delhi as part of its strategic focus on these core markets.
IKEA India is significantly increasing its investment commitment to support its expansion goals. As reported by Business Standard, the company plans to double its investment in India over the coming year, though this investment will extend beyond retail store expansion to include GCC operations and potential acquisitions of one or two companies. The company has already invested in mixed-use developments in Noida and Gurugram, a solar farm in Rajasthan, a global capability centre, and sourcing operations across the country. CEO Antoni emphasized India's potential as a fourth production hub for IKEA, citing the country's expertise in textiles, plastic and metal manufacturing, with plans to focus on wood-based products for both quality and sustainability. The company also acquired AI-powered logistics platform Locus towards the end of 2024 to enhance its home delivery experience. Speaking about India becoming IKEA's fourth production hub, Antoni said, "We believe India would be a natural production hub, with the experience that India has in many categories such as textile, plastic, and metal. India has already developed world-class suppliers for us."
IKEA India is experiencing strong digital growth alongside its physical expansion. According to Business Standard, online sales currently contribute around 30% of IKEA India's revenue, with CEO Antoni noting that "E-commerce today is 30 per cent of what we sell. It is a very important part, and we believe that both e-commerce and maybe AI-driven commerce will also change." The company serves customers in more than 80 markets across India through its e-commerce platform. IKEA entered the Indian retail market with its first store in Hyderabad in August 2018 and currently operates large-format stores in Hyderabad, Bengaluru, and Mumbai, while mixed-use developments are underway in Noida and Gurugram. The company is building on a growing community of over 300,000 IKEA Family members in the region while offering customers seamless access to more than 6,900 products through its omnichannel platform. Looking ahead, Antoni said the company is aiming to increase the share of locally sourced products from about 30% of what we sell today to about 50%, which will improve affordability for Indian customers.
