The world's largest furniture retailer Ikea plans to boost its expansion in China and open a new store in India as it plans to double its sales by 2020, Bloomberg reported.

The privately-owned Swedish group said it would accelerate its Chinese expansion between four and five stores per year from the three it opened in the past year, Peter Agnefjaell, chief executive office of Ikea, said. Currently, the retailer has 21 stores in China.

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Agnefjaell believes that China's sustained growth would enable the company's accelerated expansion pace. China is still Ikea's fastest growing market, followed by Poland, Australia, and Canada, Sky News reported. 

Meanwhile, Ikea is also targeting to open its first store in India by 2017. Bloomberg reported that construction has already started in Hyderabad.

The company plans to put up 25 branches in India by 2025. It has already acquired a land in Mumbai and is checking out other cities like Delhi and Bangalore.

"India is one of the biggest growth markets we see going forward," Agnefjaell said. "But it, of course, hinges on a continued good economic development."

Ikea's expansion in two of the world's most populous nations would help the company to achieve the target as its Russian expansion has been put on hold as the chain seeks to fix "a number of old legal disputes," according to BBC.

Ikea is aiming to earn a revenue of $56 billion over the next four years. Its sales jumped by 7.1 percent to $38.45 billion in the year in August, Ikea posted on Tuesday. Ikea currently has 340 branches across 28 countries.

TagsIKEA, china, India