In a major shock to Swedish furniture giant IKEA which has just launched its massive store in Hyderabad, its rival furniture firm is going to set up its first store in Hyderabad i.e so close to IKEA's present store.
IKEA's rival Danube Home of United Arab Emirates is going to launch its first furnishing store in India in Hyderabad in the month of September. Touted to be the biggest home furnishing company in the Middle East, Danube has already leased the premises to open the store at Kothaguda, near HITEC City.It is buzzed that Danube would be entering Indian market with a huge investment of 300 million Dirham. Danube is expected to start with Hyderabad and is planned to open up to 25 to 30 stores in the next five years.
Danube Home, the home furnishing arm of Danube Group, currently has 25-plus stores across Middle East and North African Region. In May it opened its 9th and the biggest showroom in Abu Dhabi, spanned over 75,000 sqft with 30,000 home furnishing products.
If Danube enters India and particularly Hyderabad, it is expected to give a tough competition to IKEA and other local furnishing outlets. Already IKEA has eaten into the business of the local furnishing stores and with the news of Danube, they're more worried about their business. Already, several local furnishing stores have announced great offers but in vain as IKEA has really taken over. One has to wait and see how long the effect of IKEA would be on the local markets. Meanwhile, home furnishing customers are happy with their growing options and expecting to get the things at competitive prices.
As September is very close, one has to wait and see how Danube and IKEA are going to swoon Hyderabad furniture buyers.