India Will Lead IKEA’s Small Store Revolution: India Country Commercial Manager Adosh Sharma

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Adosh, thank you so much for joining me on The Core Report. So, before we dive in a little bit, tell us a little bit about the IKEA footprint in India today, where you stand in the context of the number of years that you've been, which is since 2018, and where you're going as things stand once again.

Yeah, thanks so much for having me over, Govind. It's a pleasure. IKEA has always had a very long-term plan for India, and India remains one of the priority markets for IKEA.

And I think since we've started, we've also not just expanded, we've evolved, we've learned, we've remodelled, and we continue to expand. So, currently, if I was to answer your question simplistically, we have five stores, but we want to rapidly expand into the six markets that we have identified in the country, and over the next five years, you'll see a lot more stores coming up, small, medium, and large.

And amongst the stores that you already have, the big ones are in Hyderabad and Mumbai, the other biggest ones, I'm assuming, or you can correct me, and Bangalore. Okay. So, are they all equally sized?

Pretty much. So, typically, what we call as a concept store in IKEA is designed in a way that you can have a fun day out for the whole family. So, you're talking of roughly 400 to 450,000 square feet, which has a massive showroom, a market hall, a sales server where people can come and get instant gratification of products they can take immediately.

We have a huge playroom for kids, which is free of charge for customers to leave their children to play. And then, obviously, we have the legendary restaurant where you have our classic meatballs that you can enjoy. So, these are stores that are designed in a way that they are destination stores, where people can come and have a whole fun day out for the whole family for the whole day.

Now, I think what we're trying to do is also look at better access, because India is all about creating an easier access and reach. And through that, we're creating a hub and spoke model with smaller stores. So, we can have one click or 30 minutes away.

So, you can go online and click a product and get home or we will be so accessible to you that you can reach us within 30 minutes from wherever you are.

And as I understand, 70% of your sales in India are at store and 30% is offline. So, this is a broad number, but can you dive in a little bit in terms of what the more specifics are?

In terms of specifics, if you really look at it, you've got your key markets, that is Hyderabad, Bangalore, Bombay. Essentially, we look at it as online and offline. Offline is about 70%, online is 30%.

If I then break it down also into business to business, of the total business, you get about roughly 18% to 19% that happens from IKEA business, which is quite a big category for us. If I then break it down further into food, food is a good driver for us. We generate just under 10% from purely food sales that comes from there. And yeah, I think that would be a good breakup for now.

And when you say food sales, do you mean the restaurant or do you mean food products that are sold at IKEA?

So, it's interesting you say this because we just don't have only the restaurant at IKEA for food. We have three concepts for food that we offer to customers. One is the restaurant like you mentioned, where we do the meatballs, where we have local dishes, where during summers we have lots going on with products like the summer coolers and whatever else.

And most of these restaurants are predominantly 700 to 1000 seater. Then just before checkouts, we have what is called as the Swedish food market. That is one way to reinforce our Swedishness to people.

So we bring in a lot of the Swedish products that we sell here. And then next to it is what we call as an exit cafe, which is a good deli that you can quickly pick up your hot dog or a sandwich and whatever else. So there are three food concepts that we give and together they represent about 10%, just under 10%.

Our idea and our ambition is to grow it much stronger because India food does not fuel its passion. So we understand it pretty well and we are doing a lot in terms of augmenting and improving and making that food offer better and more affordable.

And what's the contrast with other markets when it comes to the way food is detailed in India? I mean, is it similar? What I'm trying to also ask is, and this applies to other categories, is IKEA, to what extent is IKEA using models that have worked elsewhere and retrofitting here? Or is it an evolution of a slightly different or a newer model?

Yeah, it's a very interesting thought because see, at the end of the day, IKEA is an 80 year old business. We are quite good at understanding how furniture is sold. But I think the big idea for us is not just about selling furniture, but understanding how customers behave and how they live.

So while the basis of the model remains the same, what we tend to do is that we really deep dive into every market to understand how consumers live and interact with their homes. And that then drives the entire genesis of how will we create a business model that attracts, delivers and understands the customers better. So that is what we've been doing in India for the last six years.

So there is a report called, there is a big research, a detailed research we call as the life at home report, where we go to customers' home personally. We understand how they live, how they interact, what are the new trends that are coming up? What do they feel about home?

And so on and so forth. We also then go a lot on sustainability because we're very conscious on the environment. So if we are doing our deliveries, we're very conscious that we will only do through EVs.

And we are proud that by next year, 100% of the deliveries we deliver to people will be EV driven. So to answer your question, yes, there is the basic model of IKEA comes from global, from our genesis, from our old pedigree. But then from there on, we tend to understand how do customers live in that particular market.

And then between, like I mentioned at the start, you know, smaller stores. We understand India is not so easy in terms of access, but then we have a solution with smaller stores that are coming up.

And smaller stores is something, is that unique to India?

Well, I must say that I think it will be most prevalent in India. It is something that we're trying in other countries also, because we've understood that customers' behaviours and views and the way they interact with the brand is changing. And I think that is the reason why now we are opening smaller stores in other countries.

But in India, the number of smaller stores we do will also be quite substantial.

And are there any lessons there? I mean, I know that you've closed one of your stores in Mumbai, which was a small store. And you're holding on to another smaller store that's in central Mumbai. So any early lessons there?

Yeah, you know, it's it's it's life is very relative. So when we opened India, we opened stores, which are 400,000. Then we opened the one in Mumbai, which was 80,000, which in itself is large for a mall.

You know, we realise this as we go. And when I mean the smaller stores, we coming up with a concept which you just launched in Bangalore, which has seen stupendous success is as much as just about, you know, 20,000 square feet. So the idea here is that we are trying to also understand, like I mentioned earlier, what does small, medium and large mean for the market?

So while small may be understood as 8000 square metres in US, we also understand that in India, 8000 square metres is fairly large. So to answer your question, the smaller stores that we're doing now is driven by the why is driven by the concept. So there is one small store concept, which is called the planning water point, which is where customers can come and at ease and peace can plan their entire home new or or when they are planning to refurbish.

Then we've got what we call as a shop where you have a daily interaction with the brand. You can come in, pick up some accessories, plan for your furniture and carry on. Then we've got the other bigger stores like the one that you mentioned in Mumbai, where we've got in Worli, which is nearly 80,000 square feet, where you come and see the concept in a different way with room sets and so on and so forth.

Or you can then go to Navi, Bangalore or Hyderabad to see the full concept store. We're bringing the whole family, spend a whole day and see the whole, you know, the entire offering of IKEA in one day. So that is so that is what we're learning here.

And that is what I said is the relativity of sizing that we're trying to tweak to the country.

So can I ask you a sort of slightly broader question here? Are you would you say that you're still I know you're in investment mode because, as you said, you're still expanding stores, including a large one in northern India. But as a company, I mean, I'm assuming the reason you calibrated some of your growth strategies is because you are not necessarily meeting the targets that you've set out for yourself.

So from that point of view, where would you say Ikea is in its journey today? And this is a slightly more business question other than a consumer facing question.

Yeah. So I must start with setting a perspective. I don't think Ikea gets into any markets straight away looking for profits.

You know, like I mentioned earlier, for us, the bigger picture is to to actually create a sustainable business model. And we are in for the long. So we don't wish to really come in close, open, close and quickly make a profit and start moving on with that.

The reason why we are also reengineering the entire model when it comes to retail, especially, is like what I said, we are beginning to understand the market much more clearly now. And we also then figure out that there are certain maybe locations that are not fitting into the profile of customers or the entire bit, the entire gamut of what we're looking at in its complete essence. So then in that case, if we really continue to, you know, work with that location, it not be fitting into the whole, you know, the game plan.

For us, we're in the long run. We are patient. We understand that India is a big market, but it also comes with its own complexities.

The fortunate thing is that I think we've been able to understand that quite quickly. We made those changes into a model. And that's why I think we are now really getting into that expansion spree so that we are able to tap into that potential at the right time.

And let me try and link it back to the life at home report that you talked about. What would you say are some of the key takeaways or learnings that you're applying to existing stores, maybe with some change from the way you started out and you're applying to stores that you're going to open?

Yeah, exactly. So the life at home report happens every year. And what we figured out from all these years is number one, that a good 80% plus of the people do love to think about home and decorating home, but they always need advice on how to do it.

And I think that's the journey that the Indian consumer is getting in terms of not looking at furniture only for function, but also creating their own style statement. What does it say for me? Who am I?

And I think that's beginning to come through. The home is beginning to come out as their corner for Zen, as their corner of their expression of who they are. We've also understood that living with children is big.

People are very committed now to look at offering the best solution for their children. Living together, we've also seen in many cities, multi-generation families living together, which creates the need for creating separate spaces in that sense. A home within a home.

But more importantly, it's about small space living. It's a lot about space saving solutions. And I would say more than space saving, space optimisations, which is very important.

Outdoor balcony solutions coming together with nature is also quite big. So we do get a lot of these inputs, which is the reason why this year when we started our year, which is FY25, we started with sleep because we understood that sleep is a major driver for people. Lack of sleep, I would say, also is a big one.

So we created this whole story around it. And nowadays with internet and the entire thing going on about our addiction to the phones, noise, the pollution, the air, there are six elements that we researched on. So the Life at Home report actually helped us devise this, helped us understand this.

And that's where we came up with the Sleep Campaign.

It's interesting. Can you tell me, as I guess one of the many victims of the sleep syndrome. Can you tell me a little more on the sleep front and what you're doing?

So we start every year. Our year for IKEA starts in September. And don't ask me why, but we start every new year in September.

And this has been going on for, you know, for decades now. So what we started as in last calendar year, but this year was essentially this movement on sleep. So through the Life at Home report, we realised that sleep is one of the most deficit areas of life in our life, in people's life today, especially in the urban areas.

And what we started to do is we looked at the six elements of sleep, which was about the noise, which is about air quality, which is about smell, which is about comfort, and which is about the light. And also, you know, passive pollution. And what we tried to bring about was not just about the products that help you fit in, but also the education around why sleep is important.

And then it went on to about what is a good posture to sleep? What is the right time to sleep? How do you create a right sleep environment at home that you can do with creating a blackout curtain so that there's not so much ambient light?

Also, the curtains absorb noise, so try to have a quieter place, and so on, so forth. More importantly, it's about health. Because what a lot of us don't end up understanding is that at this point in that race, you may still feel okay, by doing a few exercises in the morning.

But in the long run, it can really impact your mental and physical health. So I think for us, apart from just about talking about sleep, it is also about the health part. And that's what we try to push on.

And let me pick up the other point that you mentioned, or maybe two, but let me start with children first. So I can see why children is a growing area. People are spending on education for children.

And that we can see in overall macro numbers as well. But I'm assuming here it's translating into children's own rooms and working desks and sleeping beds and all that. Is that it?

Or is there more?

I know there's always more. I mean, we believe a lot in terms of... I'll start with a small thing.

Our toys, if you look at some of the toys, they are educational toys. So we don't just believe in providing a toy that the kid can just play with. It also brings in some sense of sensory skills, cognitive skills, and so on, so forth.

Then we also believe in saving costs. So the beds that we do can be extended on length. So you don't just keep buying a bed every two years because the kid is growing.

The kid can grow and the bed can grow with the kid. So I think we tend to do that. And also it's about creating that own space for the child.

Many a times what we've seen in homes is that desks are for adults, but we move the desk around for a child. So we adjust it in a way. And those ergonomics don't work with a child, especially when they're growing.

So if you look at the products that we do, the desks are made for children. Even small details like they will not have sharp edges so that kids are kids. They run around, they bang things around on their heads and stuff.

So we don't want the products to be in a way that they become dangerous for the child itself. And then we've got kid safety products that we do, which are very basic products, but do come in really handy, especially for a growing toddler. So we do a host of products that are done to, one, create a separate space for the child.

Two, design ergonomically and educationally for the child's growth. And three also, you know, just be part of their life, you know, as they grow.

And these are some of the things that you're meeting. But what would you say is an unmet need basis, the research that you've been doing?

It will be difficult to say that for now, because if I really look at it, see, when you have a child at home, it's more emotional.

So this is not only children. I mean, this is overall. I mean, from your overall life.

Yeah. If I was to look at it, I think in India, the one big need is definitely for home organisation. You know, we all have as Indians, we hold a lot.

There's a lot of stuff at our places that we keep in different corners. And I'm one of the victims. But I think that's where I feel that they should be more solution based than product based.

And I think that's where we are really putting a lot of efforts in to really create a more solution based approach. So if you have so many products, how do you really how do you really sort your life out? How do you really create your home in a way that it's got these organised spaces?

So in a small space also, you can create more space.

And you have 7000 plus products offered in India. And I understand more than a thousand of them are actually under 200 rupees. So it's, I think, very, I mean, affordable to those who come in.

Now, what if you what's the I mean, what are the top three or four products in the 7000, including those thousand?

Yeah, interesting, because they change by market. But I think the top ones that we sell is definitely a Billy Bookcase, which is an iconic product that we've had. And the funny bit is, you know, we've also seen where people have moved homes with the Billy Bookcase.

So the quality never goes out. It stands out all the time. Then we have the Gamble Bin Sofa, which is an India made product.

So we're very proud of that. It's made for India for India product. So that that stands well.

And then you have the regular IKEA by the products, which you have the chairs. You have the different chairs that we offer. You have even small anecdotal products like the product, which is the coffee stirrer and so on and so forth.

So there's a host of products, but some of the ones that we're proud of is definitely the Billy, the Gamble Bin and also some other beds and so on and so forth.

And I mean, where do lights figure in the hierarchy?

Lights is a very strong emerging category. So lighting as a product class is something that we believe is quite untapped and it's and it's beginning to pick up. The one reason why it does not come right on the top is also because of value.

Because the minute I buy one Billy or I buy a sofa, you have to buy maybe 50 lights for it. But if you look at the volume, the bulbs, the, you know, the energy saving bulbs we do definitely appear in the top five. Some of the wall lights that we do appear in the top five.

So lighting, I feel, generally also is a category that is beginning to really lift up.

And you said some of the things differ by markets. And when you say market differ, you mean like South of India, Bangalore, Hyderabad, Mumbai and so on?

Exactly. So North of India is more opulent. North of India has a different product mix that sells.

South of India is a different product mix. South and West is more similar than North. Hyderabad is similar to Delhi in the taste.

So so that I think that those nuances do come in play when we start to look at what's selling and what's not selling.

And if you were to I mean, is 7000, it obviously it's a lot. But is that your optimum vis-a-vis other markets in the world? That's the most exhaustive product markets in the world.

Or where do we stand?

Yeah. So again, this says so we don't really compare ourselves with what is selling in the US. What is their end size and what is us?

Again, it goes back to what does India need most? So we start with the why. We will start to look at what are the different functions that are more important at home.

And through that, we start to build the range up. And then there is always the core range that we have. And then through that, we are able to build a proper range that we feel will be able to attract and address the main needs of the customers.

And that at today's level is standing at 7000. So there will always be certain products like in India, we do a range for the Aromatics, which is a range which is more driven for the Indian customer. That in some countries will not be.

And similarly, if I go to Korea or Japan, they'll have the you know, they'll have certain products that sell there that won't be available in India because of, again, you know, cultural needs, cultural differences.

And if you were to look at, let's say, velocity of sales. I know you talked about the billy bookcase and I mean, I'm trying to I mean, I'm just trying to see if there's any external trigger. For example, let's say, would you say that your sales pattern follows real estate sales or in any market?

For example, let's say Hyderabad is the fastest growing real estate market in India right now. Bangalore is quite fast and Mumbai by value is the largest. So are there any correlations between your sales and the kind of products you sell with this?

It's a very interesting question and I'll address it in a different way. I'll place it saying that, you know, if you look at the potential for home furnishing in India is massive. We are just about at the tip of the iceberg.

So we haven't really penetrated to a level where we plateaued, where the markets then are defining their growth, depending on how the market is going. Today, I'm sitting in Hyderabad, I've got customers coming from Delhi and Mumbai. So I think that cross-pollination of market also is happening quite strongly.

And that then takes away a little bit of the seasonality or a particular market feature, depending on how the market is performing. So I feel right now in furniture, there is a huge potential. And for most brands, I think, I don't know for the others, but for us at least, we haven't really been triggered by what a particular market is doing, that defining the growth for the market.

What does happen is seasonality. So when I know Ganesh Chaturthi is in Bombay, the sales will always spike. When I have the Gudi Parva or the Saira in Bangalore, the sales will always spike and so on for Diwali in Delhi.

But I think we are still a few years away from that kind of a sales magnet.

And a sort of lateral question. I mean, do you see, you know, some products, you know, shooting off because of some social trends? You know, a TikToker put out a video of something and therefore, I'm sure it happened. But have you seen it here?

You know, I won't say that it's been so pronounced that it would change the, you know, it would just become like a rage. We do feel that influencers and TikTokers do have a role to play in influencing and also creating that kind of a need and a want for the product. But we haven't witnessed something that has really shot up dramatically that has taken notice.

No, not yet. I wish maybe one day.

So let me come to, you know, when you look at a particular store, I'm just wondering. So I'm sure you have cockpit views on stores and including in a market like India.

What are the things that you're looking at on a on a weekly basis or on a monthly basis? I mean, what are your signals for? I mean, it could be replenishment or change or I mean, I don't know what else.

Yeah. So for us, I think it starts, obviously, and I won't go on to the typical KPIs or sales and whatever. But I think for us, the big one also is then the throughput, how much stock has gone and how much has come out.

We work a lot with happy customer store. So we're also very, very clear on and very conscious on how are the customers feeling, whether it is through our online channel or is through the stores or is through what we call as a remote selling point, which is RCMP. So we're very bothered.

We really put a lot of detail on where is the happy customer score going. And then apart from that is also a little bit on sustainability. We like to work and that we don't do on a weekly basis.

But that's, you know, through months and durations where we look at how are we on sustainability? How much will be able to recycle? How are we buying energy?

How is that going on? So those are two elements that we also that we lay a big focus on, apart from the regulars, which is about sales, stocks, availabilities and so on and so forth and services.

So on services, you said 30 percent is online and does that. But I'm sure it's offline and online. So what's the service element today? I mean, I can imagine people order something and in India, people want someone else to come and assemble it. It's not IKEA’s principle of philosophy or you assemble it yourself. And that's fine. What do you have? Any numbers there?

Yeah, no, 100 percent. I think for us, it's 80 percent of what we sell in furniture actually gets delivered to people's homes. And there we we've also seen there's an upward trend of people also looking for assembly services.

So what we have is we have our own teams and also we we've got the other third party platforms where people go and then take the services. So exactly what you said earlier, India is a very, very service driven market. Look at e-commerce.

A lot of us, when it started off, did not know it would take off in this way. But it has. So what we continue to do also is price our services in a way that they're extremely competitive.

So just for now, I can tell you that for $799, you can pick up as much as 500 kgs of furniture from us. And that can come to your house in the next two days or maximum three to four. So I think that level of servicing that we're trying to bring.

Kitchens, we are starting now with an all inclusive price of $999. So under $10,000, you get it planned, you get it made up, assembled and installed at your place, which is a pretty competitive price when it comes to market. So we're very conscious on how we are giving the service offer.

We would like people to assemble because we've also understood that when you assemble, it also gives you a psychological feeling of accomplishment. And that is why IKEA's model was also based on this, because it brought the families together for some sort of an activity together. But we also see the market.

It's very service driven. So we're very conscious that we provide the pricing which is most competitive.

But in the service corner, and I'm going to come to the business and customer consumer in a moment. But on the service side, are you saying you're losing money or is it breakeven when you offer these kind of services?

See, service is a very tricky thing. So it will be difficult to say where we are losing money and where we are gaining money. But overall, we're OK.

And I think it's more for us as an investment in the overall picture. So we include, we say that there is one price to the customer, which includes services. So when you look at the pricing that you offer to the customers, not just the MRP of the product or the selling price of the product, it is the selling price and the service that the customer considers as the final price at which it lands to the home.

So we put that all together and that I think we're OK. Got it.

And tell us about the business side. You said 20 percent is business.

Yes. I don't think 18 to 20 percent is IKEA business. IKEA business is a line where we interact with the smaller businesses, people with, say, a coffee shop or, you know, larger business houses who want to do their accommodations or construction guys who want to do new homes and they want to put up kitchens, bedrooms or new homes from us.

So it's a whole plethora of people who we interact with in our IKEA business team.

And is that a higher ratio or proportion compared to other markets in the world or is it similar?

Yes. Yes, it is higher. It is higher.

And again, like I said earlier, I think it's purely based on one, the residential boom and the construction boom that's happening in India because of that, but also because I think IKEA as a brand is so looked on to. And now that we are in the market, there is a lot of queries from people who want to have IKEA in their homes or have IKEA in their offices and so on and so forth. So that also gives us that advantage.

So between, let's say, pure retail and institutional, if I were to call this institutional, what's growing faster?

It's I think both are growing faster. And I'll tell you why. Again, you know, when you look at the number of stores that we have in the markets, they're still quite small.

There's still quite a few. Look at Bangalore, we have only two stores. Bombay has two.

Delhi, we've just gone online. So I reckon that it would be a few years before we start to see the institutional business continuing to maintain a trend and the offline or the actual stores plateauing because the number of stores are still lesser than what the market needs. I think both ends are growing stronger.

And between offline and online, is it the same kind of products that are picked up or is there a big difference?

Interestingly, it used to be different earlier because we had less number of stores. So a lot of online was also people who were sitting in different parts of the country. Like till March of this year, Delhi was not open by us.

Delhi was serviced through online, through, you know, to different channels. Now that we have Delhi, so people are picking up from there. So the mix is changing.

But we still have a lot of furniture that sells online. Online typically has a lot of accessories that sells. So you have a lot of the home organisation, you have lighting, you have cook shop that sells through online.

Govindraj Ethiraj

So let me come to sourcing. I mean, maybe I can start with the 7000 products that you have here. This is what you are producing in India for export to your other stores in the universe. So tell us about what are the sourcing levels right now and both within India as well as outside.

Yeah. So, again, I think we must understand that IKEA sourcing is not just Inca. We have a partner company, which is the Inter IKEA, and they are the franchise owners.

And they have had an office in India for the last four to five decades now. So they have had set this base for a very long time. Today, we talk of more than 400 million worth of euros that gets exported out of India.

And it's continuing to grow. And India is a market that we're looking at it very seriously for growth, for sourcing, not only for India, but from India also. So if I was to put some numbers in, I think for IKEA India today, we're looking at 30 percent of our of our sales that comes from the locally sourced products.

And our vision is that by the time we come into 29, 30, they should likely to go up to 50 percent. So that will be just purely locally sourced products out of India. Today, you have textiles, plastics, metal, wood.

These are key categories that we source out of India.

And when you and on exports, is it the same portfolio with textiles, plastics and wood or is it more textiles?

Pretty much. Pretty much. Pretty much. Textiles, wood, you know, some bit of. But yeah, predominantly textile based.

Are there newer areas that you're looking at? I'm sure. I mean, I'm sure you have a R&D which is constantly doing this. But are there newer areas that you could be producing in India for either local or export?

Absolutely. So like I said, our vision is to go to 50 percent. So that cannot be possible if you don't look at newer areas.

So a lot of work is going on there. A little bit premature for me to share some ideas right now. But I just came out of meeting just now, just looking at some new products that we've just started to look at that could be sourced out of India itself.

So, yeah, it's that that journey is on and quite aggressively.

And the philosophy behind this, I know IKEA as a company has been around for a long time before you even started retail operations here. So the philosophy is to import substitute or is it to or is there a different philosophy to this?

So I think it's a mix of both. One is that globally is recognised that India is a good sourcing base. So that is one part of the of the sourcing journey.

The other part is that we understand that if we are in for the long run in India, we need to create a strong locally sourced base. And I think that sourcing base is what also is what we are developing. And with our growth journey, with the way we go, I think India in itself will be able to take a lot of what is sourced from India itself.

So it's a mix of both. It's one is the global angle of where India stands today. But also that India in itself, if we need to look IKEA for the long run, we need to develop a strong base of sourcing from India itself and for India itself.

I would love to talk a little more on the culture part, but I mean, I think we may veer off too much from course. But let me ask you something that maybe encompasses all of that, you know.

So when you walk into an IKEA store and I have like many, I'm sure many others. The feeling that you get is really it's the same IKEA store. It could be anywhere in the world.

So in a very broad way, how do you ensure that?

So I think earlier in the interview, I said, you know, we work with a very strong base and that base remains the same across. So the layout of the store will always remain the same. We will always enter first with a welcome to the customer, starting with the playroom for the children, going straight up into the landing area where you're invited on first with inspiration of different room sets, going on into showroom.

That layout of the showroom is standard across the across the world. What changes is, is how we present the region. So like for in India, we understood that walk in wardrobes is an emerging trend.

So as against maybe a China and India, we will show room sets more, which are locally relevant. The way we present our sofas here could be different. Like in India, people present like sofa sets.

So you'll have a three plus two plus one. So we will show that more. Dining in India is sold as a set.

You will never have three types of dining chairs with the same table. Those are the local nuances, those are local changes that come in. But otherwise, the layout and the flow in the store is standard across the globe.

And that's what creates that beauty of IKEA that I could be in, I could be in Los Angeles. And if I fly down into Bangalore, the feel is, is pretty much the same. Then the bigger thing is the co-workers.

We don't sell a product. We sell a solution. So I think that's the biggest difference between going to any other place on IKEA.

Because here you have a friendly co-worker, knowledgeable co-worker who will come in first, ask you what is it that you're really looking for? It's not a chair you're looking for. Maybe you're looking for a comfort seating solution.

And then from that discussion starts. So the things all put in together will bring in food, meatballs, standard across the globe. So if you come into India or you go to China or you go wherever, the meatballs will remain the same.

So I think those differences that we've been able to integrate as a standard create this unique journey.

Last couple of questions. So in coming back to numbers, I know you're in investment mode.

You got clearance for about 10,000 crores of FDI in 2013 and you're still investing. And I'm sure you'll bring in more funds. So are you broadly on track in terms of your own, let's say, targets that you've set?

Yeah. So, yeah, you know, like I said, I think at IKEA, we don't look so much on profits right from day one. We are always in for the long run.

So for us, it's an investment, you know, especially in businesses like ours, where you're setting up the entire value chain. It has very long gestations. So we are OK with it.

We are patient with it. We are seeing signs of it moving in the right direction. And I think that's what's most important to us.

So this year we are doing well. All channels of sales are going pretty good. Our costs are under control.

Our investments are solid. So, yeah, we are absolutely on track for that.

Got it. Last question. So what's your favourite IKEA product?

I can’t name one. I've been 16 years in the company. I just can't name one.

I think I would start with the Billy because that's the first product I assembled. So back in the day when we started, I started on the floor. So the first product I was made to assemble was a Billy bookcase.

And then it's definitely the Malan bed. I have had a Malan bed since I started in IKEA. Not the same bed now.

I changed it twice. But yeah, that's those are two classic products that are always, always at my place.

Adosh, it was a pleasure speaking with you. Thank you so much for joining me.

Take care. Have a great day.