What is IKEA? All you want to know about the company that just opened its store in Hyderabad

When 17-year-old Ingvar Kamprad founded the brand Ikea in 1943, little did he know that the brand will take over the world in the coming decades. In 2015, Kamprad became one of the world's ten richest people (Forbes) with an empire worth over USD 40 billion. The company has not looked back since then. Kamprad named his company IKEA after his own initials and 'E' for Elmtaryd (the farm where he grew up) and 'A' of Agunnaryd (his hometown in Smaland, Sweden).
 
Beginning as a mail-order sales business, IKEA entered the furniture market and Kampard opened the first furniture store in Almhult, Smaland in 1958. In 2017, the brand owned and operated 415 stores in 49 countries.
 
In 2006, Ikea first displayed interest in the Indian market, but Indian laws then allowed only 51 per cent foreign ownership. Besides, foreign single-brand retailers were needed to have a local partner to operate in India.
 
In January 2012, the government amended the rule and foreign single-brand retailers did not require a local partner to begin their business in India, making way for firm like Ikea to open their store in the country.
 
In June 2012, the government reportedly stated that Ikea may invest USD 700 million in India. In November 2012, the Foreign Investment Promotion Board also gave its approval to Ikea to open stores in India.
 
Watch this Zee Business video 

In 2016, Ikea purchases land in Mumbai and stated it plans to open stores in Delhi and Bengaluru. In September 2016, Ikea announces that it has started the construction of its first store in Hyderabad.