Ikea India‘s sales rose 6% year-over-year to Rs 1,860.8 crore for fiscal year โ2024-25, theโ company announced Tuesday, with EBITDA excluding fixed costs growing โ12% over the same period. The Swedish furniture โฃretailer anticipates โคachieving profitability in โIndia within two years.
Ikeaโฃ entered the โIndian market in August 2018, opening its first store in Hyderabad. CEO Patrick Anthony, who โขassumed the role in August, highlighted the projected growth of the Indian homeโ furnishing market,โ estimating it will reach $48 billion by 2030, representing an 8.7%โ compound annual growth rate (CAGR).
“At Ikea, weโ see a long-term possibility to contribute to this growthโ by making home furnishing more affordable, accessible, and sustainable for the many โฃpeople,” Anthony stated in a โpress release. “As we continue toโข invest in our business and people, our goal is toโข turn profitable within the next two years, while building a solid foundation for a better everyday life for the many Indians.”
The company’s expansionโฃ efforts this yearโ included a focus onโ online channels โand 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 โฃservedโข 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 โrevenueโ figures for the category. Ikea โfor Business accounted for 19%โ of sales,growing 20% year-over-year,while food sales contributed around 10%.