IKEA, the largest furniture and home applications company of the world, is investing Rs 5500 crore in the northern state of Uttar Pradesh during the next five years. Starting with Noida, IKEA plans to open at least three major outlets in Purvanchal and Central UP. The plans for other outlets will be finalized with the opening of Noida Centre.
The furniture giant was on Friday handed over a land parcel measuring nearly 50,000 sq metres in Noida’s Sector 51. The Swedish furniture giant is set to start its first retail outlet in Uttar Pradesh, according to reports.
This project is expected to create more job opportunities, support infrastructure development, and growth of the organised retail and home furnishings sector in the region. Officials estimate that with the start of the Noida project, there will be job creation for 2,000 persons due to it.
Ingka Centres, which has 45 IKEA store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021, said it planned to invest nearly Rs 55 billion (USD 759 million) in the Noida project.
IKEA opened its first store in India in 2018 in Hyderabad followed by the one in Mumbai in 2020.
Interesting facts about IKEA
IKEA was founded way back in 1943. Ingvar Kamprad, who passed away in 2018 at the age of 91, was just 17 years old when he launched IKEA as a mail-order sales business that originally only sold small items, like picture frames. The original shop is now a museum on the founding plot.
The name IKEA is an acronym comprising the initials of the founder’s name, Ingvar Kamprad, the farm where he grew up, Elmtaryd and his home village, which happens to be called Agunnaryd.
The first item of Ikea flat-pack furniture was the Lovet, a leaf-shaped side table, which first appeared in the 1956 catalogue.
Since Kamprad was dyslexic, he named products using proper names and words, because it made them easier for him to identify. IKEA’s curtains are given mathematical geometrical terms and bathroom products are named after lakes, rivers and bays.
IKEA prides itself on being affordable, not cheap. To ensure this is always the case the design team work backwards from a price tag – determining a price to meet, designing and sourcing materials to make that price possible.
The company actually sells flat-pack houses for a fraction of the cost of a regular home – no estate agent required. The BoKlok House was launched in Sweden in 1996. BoKlok is a home concept based around the idea of ‘modern homes for the masses’.