Ikea India‘s sales rose 6% year-over-year to Rs 1,860.8 crore for fiscal year 2024-25, the company announced Tuesday, with EBITDA excluding fixed costs growing 12% over the same period. The Swedish furniture retailer anticipates achieving profitability in India within two years.
Ikea entered the Indian market in August 2018, opening its first store in Hyderabad. CEO Patrick Anthony, who assumed the role in August, highlighted the projected growth of the Indian home furnishing market, estimating it will reach $48 billion by 2030, representing an 8.7% compound annual growth rate (CAGR).
“At Ikea, we see a long-term possibility to contribute to this growth by making home furnishing more affordable, accessible, and sustainable for the many people,” Anthony stated in a press release. “As we continue to invest in our business and people, our goal is to turn profitable within the next two years, while building a solid foundation for a better everyday life for the many Indians.”
The company’s expansion efforts this year included a focus on online channels and entry into North India. According to Murali Iyer, Ikea India’s chief financial officer, online sales increased by 34%, and new store formats in Delhi and Bangalore have proven successful. Ikea India served approximately 110 million customers across all channels in FY25.
Furniture remains the primary driver of sales for Ikea India,though the company did not disclose specific revenue figures for the category. Ikea for Business accounted for 19% of sales,growing 20% year-over-year,while food sales contributed around 10%.