Skip to content 
Search

Latest Stories

IKEA to source more Indian toys as it eyes more sales

SWEDISH furniture major IKEA plans to increase sourcing of toys from India as it targets around 12 per cent of sales from kids' range of products in the coming years, a top company official has said.

IKEA India is now procuring only cotton-based soft toys from the country, now it is also exploring to buy wooden toys, said country commercial manager Kavitha Rao.


IKEA, which sells over 1,000 products under its children's range, will partner with several players in the toy segment.

"Because we could be a large buyer and of course, it is contingent on meeting standards and design thoughts. We feel that there is a great

opportunity for us to come together with some potential suppliers as part of the player as well," Rao told PTI.

"Our children's range contributes around 6-8 per cent of sales currently, and we aim to reach 10-12 per cent in the near future."

Besides toys, the range covers beds and mattresses specifically made for children, ergonomic storage and seating solutions made for a child, among others.

Recently, India government has created eight toy clusters with some significant investments in that space.

IKEA has been sourcing from India for its global operations for 35 years. It is working with around 60 suppliers. IKEA India

had opened its second retail store in Mumbai last December and is working on its next store in Bengaluru.

IKEA India had opened its first retail store in Hyderabad in August 2018, followed by online stores in Mumbai, Hyderabad and Pune.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less