Ukraine invasion: Furniture giant Ikea closes all stores and stops sourcing materials from Russia

Ikea has 17 stores in Russia, which is the Swedish company’s 10th largest retail market. In the year up to August 2021, sales from Russia made up 4% of Ikea’s overall sales. It has also stop sourcing materials from Belarus.

Swedish furniture store Ikea has joined a host of other brands in closing all of its stores in Russia.

The world’s biggest furniture brand has also paused sourcing materials from Russia and Belarus.

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.”

Inter Ikea is in charge of supply, while most Ikea stores are owned by Ingka Group, including its 17 stores in Russia.

In the year through to August 2021, Russia was Ikea’s 10th biggest market in retail sales, making up 4% – or €1.8bn (£1.5bn) worth – of its trade.

While there are no Ikea stores in Belarus, it is used to source materials.

Ikea joins major retailers who have cut Russian operations

On Wednesday, another Swedish retail giant, H&M, and UK online fashion retailer ASOS paused sales in Russia.

H&M, the world’s second-largest clothing retailer, has also temporarily closed all its Ukraine branches due to safety concerns.

Burberry, Boohoo, Netflix, Mercedes-Benz Group, Ford and BMW have all suspended trading in Russia.

Film studios Warner Brothers, Disney and Sony have also pulled major films from Russia, including the new Batman film and Marvel’s Moribus.