WithdateGlobal Marketing Management Jan15 Cohort

Topics: Marketing, Marketing plan, Marketing strategy Pages: 6 (1503 words) Published: April 8, 2015


Module Title: Global Marketing Management

Module Code:MOD003470Level:7

Academic Year:2014/15 Semester:2

Module Tutor:Sandie Deshpa
Total Word limit: 3000 +/- 10%

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India Clears IKEA's $1.95 Billion Investment Plan
May 2, 2013 11:39 a.m. ET

NEW DELHI--India on Thursday approved Swedish furniture retailer IKEA's proposal to invest 105 billion rupees ($1.95 billion) in the country to open 25 stores, Information and Broadcasting Minister Manish Tewari said. The company's planned investment is the largest by a foreign retailer in India since the country amended its laws in late 2011 to allow 100% foreign ownership in single-brand retail ventures. Before that, foreign companies were allowed to own only up to a 51% stake in such retail operations. Thursday's approval from the Cabinet Committee on Economic Affairs was the final one IKEA required to make investments in India. Any foreign investments of more than 12 billion rupees must get this committee's approval. India's Foreign Investment Promotion Board had approved IKEA's proposal in January. The company welcomed the decision with IKEA Group Chief Executive Mikael Ohlsson calling it a "very positive development." In a statement, he said IKEA already sources products from the country and "will continue to increase our sourcing in India from both existing and new suppliers, building on long-term relations and shared values."

Now led by Peter Agnefjall, the new chief executive after Mikael Ohlsson retired recently, IKEA is still “defining the entry plan” for India.

“We have great potential for growth and primarily we are still focusing on existing stores and markets,” a company spokesperson in India told Business Standard. Adding: “We are also excited to meet new customers in a few new countries over the coming years; examples are Croatia, South Korea and India.”

The company would take at least three years to open a store from the time of identifying a location, the executive maintained. So, the first IKEA outlet in India is not expected before the end of 2016. When asked how IKEA’s India plans looked after the new CEO had taken over, a company executive said: “India is an important market for IKEA In India and we are currently defining the entry plan. The most important priority is to find the right location for our stores at the right price in major cities, with easy access to public transport and a good road network.”

IKEA has been sourcing from India for about 25 years. It has begun talks with authorities in many states in the north and south. Indications are that the first store might be in in Noida or Gurgaon in the Delhi region. Meanwhile, IKEA representatives have started to meet Indian customers and visit their homes to understand “life at...
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