Ikea woos India’s rising consumer class, tapping new markets

Six months after Ikea opened its first store in Hyderabad, the 400,000-square-foot cornucopia of furniture, linens, kitchenware and other goodies is drawing between 10,000 and 30,000 visitors per day. (AP)
Updated 15 February 2019
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Ikea woos India’s rising consumer class, tapping new markets

  • Ikea hopes to win over India’s growing consumer class with its clean, air-conditioned stores and unique offerings
  • It says India is a test case for whether to keep shifting resources toward emerging economies

HYDERABAD, India: Swedish giant Ikea is tackling the $40 billion Indian market for home furnishings, taking on local furniture makers in places like Hyderabad’s bustling Nampally market.
Ikea hopes to win over India’s growing consumer class with its clean, air-conditioned stores and unique offerings. It says India is a test case for whether to keep shifting resources toward emerging economies, including Latin America and China, given the saturation of markets in Europe and the United States — and the possibility of another global recession.
Six months after its first store opened in Hyderabad, Ikea’s 400,000-square-foot cornucopia of furniture, kitchenware and other goodies is drawing between 10,000 and 30,000 visitors.
But it’s unclear if all that foot traffic translates to big sales. So far the best sellers are priced below 300 rupees ($4.20).


Saudi Aramco, Mcdermott sign deal for new oil services facility

Updated 22 min 52 sec ago
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Saudi Aramco, Mcdermott sign deal for new oil services facility

  • Aramco signed the lease with McDermott Arabia, a subsidiary of McDermott International Inc

CAIRO: Saudi Aramco signed a land lease agreement with McDermott Arabia Company on Tuesday to establish an engineering, procurement, construction, and installation facility in the King Salman International Complex for Maritime Industries in Ras Al-Khair, Saudi Arabia. 

A joint press release said that Aramco signed the lease with McDermott Arabia, a subsidiary of McDermott International Inc, to establish a fabrication facility that will be used for large scale fabrication of offshore platforms and onshore/offshore modules. 

Saudi Aramco Senior Vice President of Technical Services, Ahmad Al Sa’adi said the facility would serve as a major engineering, procurement, construction, and installation hub not only the Kingdom, but for the GCC region.