The retailer plans to open 25 large and small-format stores by the end of the decade. It is also investing more than ₹7,500 crore through parent Ingka Group to develop Ingka Centres in Gurugram and Noida, which will combine retail, office space, and an Ikea store.
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The Gurugram and Noida centres are slated to open in 2027 and 2028, respectively.
Ikea had secured Indian government approval in 2013 to invest ₹10,500 crore in the first phase, which it has now fully utilised.
“We will have different formats at different places, depending on the availability of space. Almost 25% of the company’s stores will be large format, while the others will range from 20,000 sq ft to 70,000 sq ft. As of today, we are not planning more Ingka Centres as we are fully focused on completing these two big projects,” Antoni said.
Also Read: IKEA sets up India development centre in push beyond sourcingThe company is also exploring partnerships to develop its existing land holdings in Hyderabad, Bengaluru and Mumbai.
“It could mean that they invest in our land or develop something on the land we own. It could also mean that we jointly buy a piece of land. We also have development rights on some of the plots we own. For all the plots we have, the development rights are bigger than what we use today,” the executive said.
“The investment commitment to the government was ₹10,500 crore. This has been invested in the stores we have, the shopping centres we are building, a solar farm, our GCC, our IT company and several other activities in India,” Antoni said.
Ikea reported a modest 6% growth in sales in FY25 (September 2024-August 2025) with annual revenue of ₹1,860 crore, but is expecting healthy double-digit growth this year.
The CEO said that the ongoing geopolitical tensions have not had a significant impact on the business.