The global furniture retailer IKEA plans to invest approximately $900 million in Maharashtra, India over the next 10 years. The new store is its first big format store in Maharashtra, spanning over 5.3 lakh sq ft and situated near the Turbhe local railway station and stocks over 7,000 home furnishing products .
The IKEA city centre stores would be smaller than the Navi Mumbai flagship store, which is a big format outlet.
The new store will provide over 600 jobs, of which 50 per cent will be for women.
IKEA also plans to set up two city centre stores in Mumbai,
In June 2020, The global home furnishing brand IKEA announced a strategic partnership with Ellen MacArthur Foundation to focus on putting the home furnishing business on the global circular map and accelerating the transition to a circular economy within IKEA and beyond. The Ellen MacArthur Foundation is a global thought leader on the circular economy.
In April 2020, Inter IKEA Group joined an alliance of over 180 political decision-makers, business leaders, trade unions, NGOs and think tanks in calling for a renewed commitment by all stakeholders on long-term climate change initiatives while at the same time addressing the urgent COVID-19 pandemic.
In March 2020, IKEA Foundation grants approximately $29mn to protect the health and livelihoods of communities, co-workers, supplier. Ingka Group will be taking an initial step of supporting emergency relief in 30 countries in which it has operations, to take more immediate action in their local communities.
IKEA, based in Netherlands, is a leading home furnishing retailer with more than 400 stores globally. The company was founded in 1943 and become a global leader in life at home. IKEA designs and sells ready-to-assemble kitchen appliances, furniture and other home accessories.