Tuesday, January 27, 2015

IKEA to create opportunities for Indian suppliers

IKEA home furnishings today held the second ‘Make More in India’ seminar showcasing new business opportunities created when the company aims at doubling it’s sourcing in India.
IKEA presently sources for EUR 315 million (USD 370 mn) from India, and plans to double its sourcing by 2020. The company looks for new suppliers in existing home furnishing categories like textiles and rugs, as well as in new categories like furniture, mattresses, metal, plastics, and lighting. Exciting new possibilities were also discussed using local sustainable materials like bamboo, jute and acacia.
Juvencio Maeztu, CEO, IKEA India said, “As IKEA is planning to open retail stores we look at how we will holistically grow our business in India. This will include knowledge transfer and investment in skill development as we increase employment in both supply chain and retail.”
The seminar included a series of discussions and workshops with potential Indian suppliers focused on finding common understanding for growing new business together.