Tag: IKEA

IKEA mocks Balenciaga’s ₹77,000 Towel Skirt with its own version worth ₹1,600

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Swedish furniture brand IKEA has joined in to mock the French luxury fashion brand, Balenciaga’s recently launched towel skirt worth $925 (₹77,033). The hilarious post by IKEA comes after the fashion brand rolled out its bizarre luxury fashion piece recently.

IKEA advertised its own version of the same product, VINARN bath towel, on its official UK Instagram profile wherein the picture showed a model posing similarly as that of Balenciaga’s ad. It also dressed the model with similar accessories as the model sported a hoodie, black sunglasses, loose trousers, and black shoes, but instead of the pricey Balenciaga skirt, he wrapped a bath towel around his waist. However, the IKEA product costs only $20 (₹1,665).

IKEA captioned the post, “Introducing the new VINARN Towel Skirt. A 2024 Spring fashion essential.”

 

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A post shared by IKEA UK (@ikeauk)

The post garnered a massive response from the social media users with many joining in to troll the Balenciaga. One of them commented, “Oh, this was quick, Social media team deserves a salary raise!”

Another called it the time of April fool day and wrote, “April 1 comes round quicker each year.”

“IKEA you ate this,” read another comment.

On the other hand, Balenciaga’s social media post on the latest fashion piece, what it calls a Towel Skirt, has been attracting massive trolling on social media. One of the Instagram users wrote, “NEED THIS!! Please make a matching towel to wrap around my head.”

Another said, “damn, I’ve a piece of Balenciaga in my bathroom.”

“Queens of originality I would say,” added another.

Meanwhile, this is not the first time that the furniture brand, IKEA and the luxury fashion company are taking a dig at each other. In 2017, the fashion brand, Balenciaga launched a $2,145 bag which resembled IKEA’s iconic blue shopping tote. IKEA released a print ad for the product titled, ‘How to identify an original IKEA Frakta bag’.

However, Balenciaga has the habit of bringing bizarre fashion products in the market and it also draws major attention on social media for it as well. The company has previously amassed massive outrage over a $1,800 Lay’s collaboration handbag, a $1,790 trash pouch and an extremely worn limited edition sneakers worth $1,850.

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A ₹100 dal from Amritsar is IKEA Deputy CEO’s favourite Indian dish

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As IKEA looks to double its business in India, the Swedish company has made substantial commitments too. In an exclusive conversation with CNBC-TV18, Deputy CEO and CFO at Ingka Group and IKEA Juvencio Maeztu shared his passion for food and how IKEA restaurants are a crowd-puller for its stores that make furniture shopping fun for the family.

Speaking to the CNB-TV18, Maeztu said, “India loves food and India loves IKEA food. Around 99% of the food we sell in India is locally sourced. The price point is amazing. The price point of samosa and ice-cream is Rs 10-15, which is fantastic.” We don’t have a plant-based agenda. More than a third of our food is plant based and it will grow to 50%. So, it is the same price, but has a much lower carbon footprint, which matches well with India.”

“It is not that IKEA customers are hungry; IKEA restaurants are a visitation driver. People come to IKEA for food and sometimes they buy furniture. So it is a fun day out. That is why we are developing both, it is not only about shopping online, it’s an experience – a fun day out. We don’t sell products, we sell solutions to solve dreams and needs. So, when you go to an IKEA store, you need dreams and then you find solutions and at the same time a fantastic family day out.”

“I was taking with a friend of mine about what is my top 10 kind of foods in the world as I travel to many countries of the world and three of them are in India. The one that might surprise you the most is dal in a very small place which is walking distance from the Golden Temple in Amritsar for Rs 100 in a metal plate and that is my number one food item on my menu.”

Speaking about IKEA’s India plans, Maeztu highlighted the country’s tremendous potential and said, “India has a fantastic opportunity to be a manufacturing hub for the entire world, with the value of sourcing estimated to be more than Rs 5,000 crore”. This, he says the company could double.

IKEA had set up a global operations centre in Bengaluru in 2020 and at the time said this would be the focal point for digital development, innovation and operations. Maeztu noted that the operation in Bengaluru is exporting financial, digital, and HR services.

As part of its digital strategy, this hub, Maeztu said is developing digital capabilities in India that are being implemented in India and elsewhere. Maeztu adds that the new development of the ‘app of the future’ is also happening here to make shopping a ‘seamless and fester’ process. “So that’s how the digital hub in Bangalore is feeding IKEA’s global operations.”

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IKEA’s strategic vision for penetrating Indian markets with speed and depth | Q&A

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IKEA has delivered on its promise of investing over Rs 10,500 crore in India, says deputy CEO & CFO of IKEA. In an exclusive conversation, Juvencio Maeztu tells CNBC-TV18’s Shereen Bhan that they will reveal the next investment number soon and it will be a big one and discusses the company’s strategy for expanding rapidly and deeply into the Indian markets.

Below are the excerpts of the interview.

Q: You have got a long association with India, you have been in India for 40 years, or you have been sourcing from India and now of course, you are on the path of expanding your retail operations here. I know it’s going to be an omni-channel approach for you in India. But when do we now start to see your new centers go Gurgaon, Noida? When do when do we start to see them come up?

A: First I have to say it is a long association with India, with IKEA. But also India is emotional for me. After leaving six years and years ago in India, so, I am an Indian ambassador by blood. First I want to say that first we have delivered what we have promise, I came some years ago and I said we will invest Rs 10,500 crore. We have invested, we said we will source at least 30% local sourcing, we have done it.

We said we want to start right with the gender equality we want to have 50% women 50% men, it is 46% so we need to improve that so we are proud of that as well. So, we can say first we have delivered our promise.

Where we are now and where we want to go? Where we are now first IKEA love India, second Indian consumer love IKEA so it’s a good starting point. Secondly, it’s a time also to grow and this is what I find a sweet spot in between IKEA, consumers and the economy. What do I mean by that? It’s a time to grow in order to grow what has to happen? First, we have to develop IKEA retail.

Secondly, we need to develop the availability of certified raw materials because it’s not only the availability of raw materials, certified raw materials that can be plugging into the global supply chain. Thirdly, it’s time to have international standards because this international standard will help not only to increase the quality of the product in India, but also to plug in into the global supply chain. And have India a fantastic opportunity now to be a manufacturing hub for the entire world. So I think time-wise is a perfect time.

At the same time, we have a holistic approach. IKEA started, of course, with the sourcing and we have doubled down, IKEA has doubled down the sourcing from India.

But also we started with IKEA retail. Ingka Group has three businesses, IKEA Retail, Ingka Centers and Ingka Investment. So we are now investing in Gurgaon, and Noida in two very big shopping centers, very big that are coming in less than two years now.

Q: So Gurgaon by 2025?

A: hopefully in less than two years it will be and then Noida, and then many more. But then at the same time, we have set our global business operation in Bangalore where we are exporting services, financial services, digital services, HR services for the whole big company. Also IKEA Foundation is also partnering with many, with the government and with many for the India So it’s a whole menu of IKEA because people might see only IKEA a blue and yellow store, but it’s a whole menu of IKEA that we are very excited to work together.

Q: What can we now expect what does Rs 10,500 now become as the future promise to India?

A: It’s in the making, I know that we love to have headlines with the number, it is in the making. What we are doing now, we are at phase two actually before we started associating many years ago then phase I is the beginning, and phase two is grow and development. What does it mean? It is in the making because we want to see how can we combine the production possibilities, and the social possibilities with that retail growth.

Then at the same time, we are now exploring how can we really go faster and deeper in the markets where we are in India. When we combine these two we can come up with the right number.

Q: The India Business has seen a growth of over 70% in financial year 23, sales of over Rs 1,000 crore?  What’s the aspiration of growing this business over the next five years I would imagine that will link back to the number that you are going to put forward?

A: I like to say, we have doubled over the last year, we need to double again and double again and double again. You could say that from the retail point of view, we have been five years now we are thinking the next 100 years and then how big is it? That’s why the more we align the retail growth with harmonised standard to secure export this is the magic when the two things will work.

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IKEA plans to double its business and sourcing in India: Deputy CEO and CFO Juvencio Maeztu

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India is a land of limitless opportunities for IKEA, a market where it is betting on doubling its business each year. In an exclusive conversation with CNBC-TV18, Juvencio Maeztu, Deputy CEO and CFO at Ingka Group and IKEA, who confessed to having a deep emotional connection with India, said IKEA has a whole menu of growth opportunities listed down, from growing its retail presence to doubling down on sourcing and making India a digital hub for the world.

Over the past decade, IKEA has made substantial commitments to the Indian market. “We have delivered on our promise,” Maeztu emphasised, referencing their Rs 10,500 crore investment announcement of 2013 and their successful achievement of 30% local sourcing. He mentioned that while their goal was to have 50% of women in the workforce, they have achieved 46%, acknowledging room for improvement.

What are the focus areas for IKEA in India?

IKEA has been in the retail space in India for the past five years, and is now thinking of the next 100 and how big it should be. Maeztu said, “IKEA loves India, and Indian consumers love IKEA.” He recognised the current juncture as a “sweet spot” for the brand, aligning IKEA consumers’ preferences with India’s growing economy.

He identified three crucial focus areas for the future.

Firstly, developing IKEA Retail and ensuring the availability of certified raw materials to integrate into the global supply chain.

Secondly, establishing international standards to enhance product quality and global integration.

Thirdly, the need for “international standards”, not only to elevate the quality of products within India but also to facilitate their integration into the global supply chain.

The future of IKEA in India

While IKEA has been sourcing from India for four decades, it established its retail presence with the first IKEA store in 2018, and since then has expanded its presence to Mumbai and Bengaluru with three flagship stores and two city stores, along with an online presence.

IKEA is now in the process of putting together a plan outlining a second phase of investments in India. While Maeztu declined to comment on how much that figure would be, he said it would be a big one. This, comes on the back of the company seeing its growth double over the last year, with the aim of further doubling its business in India each year.

“We are now investing in Gurugram and Noida with two very big shopping centres. The Gurugram centre will hopefully come in less than two years, followed by Noida and then many more,” Maeztu said.

Highlighting India’s tremendous potential, Maeztu reiterated that “India has a fantastic opportunity to be a manufacturing hub for the entire world, with the value of sourcing estimated to be more than Rs 5,000 crore”. This, he says the company can double.

IKEA had set up a global operations centre in Bengaluru in 2020 and at the time said this would be the focal point for digital development, innovation and operations. Maeztu noted that the operation in Bengaluru is exporting financial, digital, and HR services.

As part of its digital strategy, this hub, Maeztu says is developing digital capabilities in India that are being implemented in India and elsewhere. Maeztu adds that the new development of the ‘app of the future’ is also happening here to make shopping a ‘seamless and fester’ process. “So that’s how the digital hub in Bangalore is feeding IKEA’s global operations.”

Not entirely focused on retail?

The head said the next phase of investment will not be entirely focused on retail. The larger idea for the Indian market is to make it a holistic presence combining sourcing, and manufacturing with retail and added services from the Indian market.

“We want to see how we can combine production and sourcing possibilities with retail growth. We are also exploring how to grow faster and deeper in the markets we’re in. It is critical for us to secure that by talking to suppliers, industry and the government to also support exports. If we don’t build an economy of scale, we are limiting our growth possibility,” Maeztu added.

And so, apart from developing its retail presence in India, the focus on sourcing and production is critical for its growth, he outlined. IKEA currently sources 30% locally in the country, with ambitions to take this to over 50%.

IKEA aims to expand its footprint further and establish more partnerships with Indian companies. Maeztu shared that IKEA currently collaborates with 65 suppliers in India, impacting around 500,000 workers in the supply chain. He praised the progress in improving quality standards and emphasised the importance of securing the right international standards for scalability and consumer welfare.

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IKEA parent Ingka Group announces its first retail centre ‘Lykli’, to open in Gurugram in 2025

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ingka Centres, part of IKEA’s parent company Ingka Group has announced that its mixed-use retail centres in India will be called ‘Lykli’ and the first one is set to open in Gurugram in late 2025.

Ignka Centres, which is the group’s shopping centre division, in June 2021, announced a 130,000 square metre IKEA-anchored mixed-use development in Gurugram at an investment of Rs 3,500 crore (€400 million). “Ingka Centres’ move to India is a part of its strategy to expand into new markets and to shape a portfolio of retail-led destinations that are fit for the future and appeal to all,” the company said at the time.

According to a statement from the company, Lykli will not only be a shopping centre with local and global brands, but will also have dining and entertainment along with office facilities as well as spaces for community events.

Earlier this year, Ingka Centres also announced that PVR became the first tenant of Lykli Gurugram with a nine-screen movie multiplex as a part of a leisure offer.

“Shopping malls have long been perceived as simply places to shop. Ingka Centres´ immersive experiences challenge this outdated concept and transform shopping malls into a destination for many people to recharge, play, build emotional connections and nurture community. Lykli will capture that promise in its own unique way directly speaking to the people of Gurugram,” said Anna Larsen, Global Marketing Manager for Ingka Centres.

The name Lykli, Ignka said, comes from ‘lycklig’, a Swedish word for ‘happy’.

The company, when it had first announced the centre, had said it expected the latter to attract over 20 million people annually.

The retail destination from the Ingka Group comes at a time when India’s retail landscape is anticipated to surge at an annual growth rate of 29 percent with retail sales within shopping malls of the top eight cities poised to reach $39 billion by 2027.

Apart from the centre in Gurugram, Ignka Centres will also be setting up another shopping centre in Noida, with an investment of €500 million.

The Ingka Group first forayed into India in 2018 with the first IKEA store in Hyderabad, post which it has opened two more of its flagship stores in Mumbai and Bengaluru, along with two city store formats in Mumbai. IKEA’s next store is expected to open in Delhi, while the company is also looks to expand its city stores in Mumbai and Bengaluru.

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IKEA Foundation to help solarise 25,000 healthcare centres in India by 2026

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IKEA Foundation invested €48 million or roughly Rs 429 crore in India to advance public health infrastructure across 12 states by 2026. Jeffrey Prins, Head of Portfolio(Renewable Energy), IKEA Foundation, said the company has solarised 2000 health centres in India till now and plans to build 25,000 more such healthcare centres.

“We are expecting to achieve this goal by 2026. We are using energy to solve health issues in scarce resource settings. Total investment in this initiative is 120 million euros, and IKEA 40 million euros from Ikea foundation,” Prins said.

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Meanwhile, Harish Hande, CEO of SELCO Foundation, said, “We have solar-powered health centres in Northeast India so that poor people don’t have to wait for surgeries due to lack of electricity.” He added that the focus is now on “taking rural India to telemedicine”.

IKEA Foundation announced a partnership with India-based SELCO Foundation in 2018. The partnership aimed at providing reliable and affordable energy in India, especially in places where many impoverished families have little or no electricity for their homes, schools, livelihoods and health centres.

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India’s healthcare sector and carbon emission

According to the Lancet Countdown report on Climate Change, the total emissions footprint of the global health sector is 5.2 percent of total global emissions, while contributing to 10 percent of the global Gross Domestic Product (GDP).

“India’s healthcare sector contributes 2 percent to the country’s total emissions as per Health Care Without Harm,” a press release said. It added that the extensive use of anaesthetic gasses, single-use plastics, generation of biomedical waste and a poor substitution uptake of renewables makes the issue more urgent.

To combat this, on the occasion of Global Health Day, the SELCO Foundation and IKEA Foundation, in partnership with the Ministry of Health and Family Welfare (MOHFW) and various State Health Missions, decided to launch a groundbreaking initiative ‘Energy for Health’. This initiative focuses on strengthening public health infrastructure.

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With IKEA Foundation investing an initial sum of €48 million, the initiative aims to “sustainably power” 25,000 primary health facilities by 2026 across 12 Indian states with solar energy and efficient medical appliances.

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Simply Speaking: Why brands need to be woke by design

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As a student and practitioner of marketing sociology I believe that driving positive social change is one of the most distinguishing marks of great brands. Any business can contribute some resources to causes. But, to run a business such that it makes a significant, sustainable positive impact on society, by design, is special.

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Ikea cuts prices on select articles by 16-39 percent in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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European furniture retailer Ikea has cut prices on a sizable part of its over 9,000 articles on offer in India by up to 39 percent, a top official said on Tuesday.

The price cuts have been done courtesy of improvements in the overall sourcing, design, product development, packaging and volumes, Ikea India’s chief executive and chief sustainability officer Susanne Pulverer told PTI.

The price cuts range from 16-39 percent and are not linked to inventory management, where a retailer offers a limited-period discounts on products, Pulverer said.

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The company’s insights over the last four years of its presence in the country, where it understood that Indian consumers are very price sensitive was the prime reason for it, she said, adding that it is not driven by competitive pressures.

“Lower prices are in the DNA of Ikea,” she said, hinting that similar moves may be initiated in other markets where the brand is present in despite the globally high inflation.

There will not be any compromise on the quality, function, design and sustainability features of the products either, she made it clear.

When asked if this will entail compression of profit margins, she said the company has a much broader way of looking at it which is a combination of multiple factors where any potential margin impact will be compensated by higher sales.

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She said the price decreases have been effected in the most loved products of the Ikea portfolio, which extends to 9,000 articles but declined to specify the number of articles where the reductions have happened.

Broader lines of products where the price cuts have happened include living room articles, storage, kitchen, mattresses and bedroom furniture, she said. The company, which is operating five offline stores, is at the end of its stated Rs 10,500-crore investment cycle for the country, she said, pointing out that the last of the stores in New Delhi will take about 30-36 months to open.

After the end of the investments, it will be taking a call on further expansion, she said, adding that Chennai is a city in which it is keen to have a presence. When asked about the business performance, she said the company considers India as an important growth market and is here for the long term.

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Davos 2023 | India is making IKEA better, says INGKA Group CFO Juvencio Maeztu

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ingka Group, the owner of most IKEA stores, on Tuesday, said India is making the company better and it’s learning a lot of things from the country.

Speaking from the sidelines of the World Economic Forum 2023 being held at Davos, Juvencio Maeztu, chief financial officer and deputy CEO of INGKA Group said IKEA is offering 900 products for less than Rs 200 in India.

According to him, India is an example of finding solutions to transform the business and to give solutions from a low-cost point of view, especially during the times when the whole economic situation and the tension in the supply chain had put pressure on prices.

Also Read | Davos 2023 – A look at the overwhelming presence of India at the World Economic Forum

There is a significant presence of Indian companies at the World Economic Forum 2023 being held at Davos. The Davos summit gets underway as over 1,500 corporate leaders, 600 CEOs, and policymakers from across the world have congregated in the Swiss town to discuss the most pressing issues being faced by the global economy.

The theme for this year’s summit has been set as ‘Cooperation in a Fragmented World’. It has convened more than 2,700 leaders from 130 countries, including 52 heads of state/government.

The World Economic Forum (WEF) had to host its last annual meeting in 2022 in May as the summit could not take place in the usual month of January due to the COVID pandemic-related restrictions. Before that, the 2021 meeting could take place online only.

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Though the pandemic is yet to be declared totally over, restrictions are far few and the war in Ukraine and the economic fallout of geopolitical as well as health crises have made the Davos meeting, often described as the biggest congregation of the global elite, very interesting.

For more, watch the accompanying video

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

In conversation with IKEA, Amazon, Xiaomi on new campaigns ahead of festive season

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Swedish furniture major, IKEA has tweaked its brand strategy for India to drive a deeper emotional connection with the consumers in the country. Launched just ahead of the festive season is the brand’s Ghar Aajao campaign. Anna Ohlin, Country Marketing Manager, IKEA India is speaking about this campaign as well as the company’s plans for the country and how after Hyderabad, Bengaluru and Mumbai, the brand’s focus is now on Delhi.

In the recently released Kantar Brandz India Top75 Valuable Brands reports, Tata Consultancy Services (TCS) is the new number one most valuable Indian brand claiming the top spot from HDFC Bank which had held the position since the first ranking was unveiled back in 2014.

Six b2b tech brands and 11 consumer tech brands contribute 35 percent to the total value of the ranking reflecting the rise of Tech India. And six banking brands deliver 19 percent of the total value. Also notable for their performance are insurance brands which have performed well as the pandemic increased consumer focus on the protection of life and health.

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Storyboard18 is in conversation with Deepender Rana, Executive Managing Director, South Asia, Insights Division, Kantar and Soumya Mohanty, Managing Director, Insights Division, Kantar.

Tech brand Xiaomi is asking consumers to ‘wait, don’t buy tech yet’. Diwali is the biggest shopping season for consumers, especially for the ones looking to purchase gifts for family, friends or their own consumption. Especially with tech, big-ticket purchases happen around the auspicious occasion of Diwali. So why is Xiaomi contradicting what the industry is saying in the lead-up to the Diwali sales? Storyboard18 speaks with Anuj Sharma, Chief Marketing Officer at Xiaomi India.

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The great Indian festive season is here and brands across the board, have started unleashing their mega marketing campaigns. eCommerce major Amazon is launching its biggest campaign of the year. Manish Tiwary, Country Manager and Vice President, India Consumer Business at Amazon is in conversation with Storyboard18’s Delshad Irani and shared the genesis of the Amazon Silia campaign. He also shared his outlook for the festive season.

Watch the accompanying video for more.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow