The New York times has revealed that IKEa, Apple and Amazon have opened their first India stores in a bid to diversify the company’s global footprint.
According to the Times, IKEas first two store locations will open in the state of Karnataka in the coming months.
These stores will be located at the IKEastan in New Delhi and the IIT Bombay.
The Times also reports that Apple has opened its second store in the capital, New Delhi.
IKE’s flagship store, in New York City, will also open in Hyderabad.
The two new stores will help IKE maintain its presence in India and attract more customers.
According to IKE, India has already become one of the world’s largest markets for its products, which have also grown in popularity in China and other Asian countries.
The company plans to open more than 100 more stores worldwide over the next five years.
In its quarterly earnings report last week, the company reported a 9.5% jump in quarterly revenue from the previous year.
It also said it was “the world’s biggest online retailer”, but it declined to give further details about how much of that figure came from India.
Earlier this year, the Indian government introduced a new law that made it easier for foreign companies to set up stores in India.
Under the new rules, foreign companies can set up shop in India as long as they invest up to Rs 30 crore in infrastructure and hire at least 100 employees.