Ikea holds seminar for suppliers

As part of its plans to double its sourcing from the country, Swedish retailer Ikea held a seminar on new business opportunities for its potential suppliers late last week.

Titled 'Make more in India', the meet saw moer tha 75 potential suppliers from various categories, Ikea said.

IKEA presently sources for EUR 315 million ($370 million) from India, and plans to double its sourcing by 2020. 

"The company looks for new suppliers in existing home furnishing categories like textiles and rugs, as well as in new categories like furniture, mattresses, metal, plastics, and lighting. Exciting new possibilities were also discussed using local sustainable materials like bamboo, jute and acacia," Ikea said in a release.

Juvencio Maeztu, CEO, IKEA India said, “As IKEA is planning to open retail stores we look at how we will holistically grow our business in India. This will include knowledge transfer and investment in skill development as we increase employment in both supply chain and retail.”

The seminar introduced potential suppliers to IKEA’s value based working methods, business model and possible business opportunities. IKEA’s sourcing plans resonate with the Indian Prime Minister’s ‘Make in India’ agenda.