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Ikea set to sell cosmetics?

Last updated on 17-Jan-2013 at 13:27 GMT2013-01-17T13:27:57Z

The Swedish furniture maker has been given the go ahead to expand its' business into India, which some suggest will open the doors for the conglomerate to retail a host of single-brand retail products like cosmetics, apparel and office products.

Ikea, which reported revenues of 26 billion euros in 2011 and has 338 stores, plans to invest Rs 10,500 crore in India rolling out 25 stores.

Speaking at the Idea Exchange programme of The Indian Express this week, minister Anand Sharma said that the company's proposal based on its global model, which includes cafeterias, will be approved and that other investors like Tesco and Carrefour were also keen to tap into the Indian market.

The good news comes after the furniture giant submitted numerous applications to the Indian government last year to expand into the country which had been held up due to the global retailer not explaining how its global business model worked.

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