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3 Mar 2022
IKEA Temporarily Closes its Stores in Russia, Pauses Sourcing in Belarus
The Index Today
The world's biggest furniture brand - IKEA, is closing all its stores in Russia, and pausing all it’s sourcing in Russia and Belarus, following Russia's invasion of Ukraine.
Brand owner Inter IKEA and store owner Ingka Group said in a joint statement on Thursday, "The war has both a huge human impact and is resulting in serious disruptions to supply chain and trading conditions, which is why the company groups have decided to temporarily pause IKEA operations in Russia."
According to the recent report, the Inter IKEA is in charge of supply, and Ingka Group owns most IKEA stores worldwide, including all 17 stores in Russia.
Last August, Russia was IKEA's 10th-biggest market with retail sales of $1.8 billion or 4% total retail sales; while Belarus is purely a sourcing market for IKEA, it has no stores in the country.