Swedish Furniture Making company Ikea could bring in a price war in India as it is all set to open its Hyderabad store, a first in the country, offering about 15% of its product at Rs. 200 or less, as informed by a company spokesperson.
Per Hornell, Ikea Market Manager for Maharashtra said,
We are very confident that we will enter the market with the lowest possible prices. There will be 1,000 products at prices below ₹200 when we open our store.
However, the company is not much in hurry to expand its operations in India and will open its Mumbai store, its second in country tentatively by 2019.
Ikea, known for its famous blue box stores has fleeting a digital presence that specialises in a range of do-it-yourself (DIY) products. Currently, it has 403 stores spread across 49 markets in the world.
The company is also working to experiment with its new business models like home furnishing consultancy wherein customers associated with Ikea’ s family members’ programme will be able to request for home visits for personal recommendations.
The furniture brand has also recently partnered with a mobile-based service firm UrbanClap as its furniture assembly service partner for the Hyderabad store. As per a report from consultancy firm Wazir Advisors, the Indian Home furnishing and furniture market are likely to grow at 13% between 2016 and 2021.