Skip to content
Search AI Powered

Latest Stories

Ikea announces second India store to open in Mumbai

Ikea said on Friday (4) it will open its second Indian store on December 18, seeking to woo the nation's growing middle class with Swedish functionality and a dash of local masala.

The furniture giant opened its first Indian outlet two years ago in the southern city of Hyderabad. Its next shopfront will be on the outskirts of financial capital Mumbai.


"We are very excited, as Mumbai is one of our priority markets in India," Ikea India chief Peter Betzel said in a statement.

Ikea is betting big on the world's second-most populous country and its 1.3 billion people, planning to open 25 outlets by 2025 as it diversifies away from Western markets.

The Hyderabad outlet mixes the brand's staple selection of "Billy" bookshelves and bedspreads with "locally relevant products" like spice boxes and mattresses with a coconut-fibre centre.

Its canteen serves Ikea's signature meatballs but without beef or pork in deference to local religious practice, as well as local favourites like biryani.

With coronavirus cases nearing 10 million in India -- but with economic activity almost back to normal -- Ikea said customers will have to register online for an allotted time slot to visit the store.

The home goods behemoth first tried to enter India in 2006 but was foiled by strict foreign investment rules obliging international firms to partner with local companies.

Ikea said its new store would create over six thousand jobs by 2030, with the aim of ensuring half of its employees are women.

More For You

Rachel Reeves

Chancellor Rachel Reeves, who has pledged fiscal discipline, faces increasing pressure to address the growing deficit. (Photo: Getty Images)

Government borrowing in December hits four-year high

Government borrowing in December 2024 reached £17.8 billion, the highest level for the month in four years, according to the Office for National Statistics (ONS).

This figure is £10.1bn more than in December 2023 and significantly exceeds the £14.6bn forecast by the Office for Budget Responsibility (OBR).

Keep ReadingShow less
uk-rich-getty

Two men speak together as they cross over a footbridge in London's central business district of Canary Wharf. (Photo: Getty Images)

One millionaire leaves UK every 45 minutes, study finds

A RECORD number of millionaires have left the country since Labour took office, with concerns mounting over the party’s tax policies.

A study by New World Wealth and Henley & Partners revealed that Britain lost a net 10,800 millionaires in 2024, marking a 157 per cent rise from the previous year.

Keep ReadingShow less
UK to lead European growth in 2025, predicts IMF

FILE PHOTO: A view of the Bank of England and the financial district, in London, Britain. REUTERS/Mina Kim.

UK to lead European growth in 2025, predicts IMF

BRITAIN is set to have the fastest growth among major European economies this year, according to the International Monetary Fund, a boost to finance minister Rachel Reeves who is under pressure over a slowdown since her party came to power in July.

The IMF has raised its forecast for British growth for 2025 by 0.1 percentage points to 1.6 per cent, making it the third-strongest among the Group of Seven advanced economies after the US and Canada.

Keep ReadingShow less
Reliance Industries

Revenue from operations rose 6.97 per cent year-on-year to £22.99 bn, with growth seen across all divisions. (Photo: Reuters)

REUTERS

Reliance Industries reports 7.38 per cent rise in quarterly profit

RELIANCE INDUSTRIES reported a 7.38 per cent year-on-year increase in profit for the December quarter on Thursday, driven by growth in its consumer-focused divisions.

The company, led by Mukesh Ambani, remains India’s most valuable by market capitalisation.

Keep ReadingShow less
India faces growth challenge
as global uncertainty mounts

Narendra Modi (left) and Nirmala Sitaraman

India faces growth challenge as global uncertainty mounts

AFTER world-beating economic growth last year, India’s policymakers are scrambling to prevent a sharp slowdown as worsening global conditions and declining domestic confidence undo a recent stock market rally.

Last Tuesday (7), Asia’s third-largest economy forecast 6.4 per cent annual growth for the fiscal year ending in March, the slowest in four years and below initial projections, weighed down by weaker investment and manufacturing.

Keep ReadingShow less