STOCKHOLM—Ingka Group, the owner of most IKEA stores worldwide, has bought nine solar photovoltaic park projects in Germany and Spain for a total of 340 million euros ($373 million) in its push to generate more renewable energy than it consumes. The world’s biggest furniture retailer said on Wednesday it was buying the projects, which would…
IKEA Suspends Operations in Russia, Affecting 17 Stores
March 4, 2022
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The parent company of IKEA announced on March 3 that it will close all of its stores in Russia, stopping production in the country and halting all exports and imports to and from Russia and Belarus, as Western companies begin to curb business with Russia since its invasion of Ukraine. Ingka operates seventeen stores and one…
Ikea to Slash Sick Pay for Unvaccinated UK Staff in Quarantine
Furniture retailer Ikea told The Daily Mail on Jan. 9, that they would cut sick pay for unvaccinated staff in the UK who self-isolate after contact with a person with the CCP Virus. The Swedish furniture retailer, which employs more than 10,000 people across 22 stores in the UK, joins an expanding list of companies that are slashing…
Ikea Raises Prices by Average of 9 Percent Across Global Markets as Pandemic Supply Chain Issues Persist
IKEA announced on Thursday that it will raise its prices by an average of 9 percent across its global markets after being hit with supply chain issues that are currently wreaking havoc across the world, prompting businesses to increase costs for customers. In a statement, Ingka Group, which owns most IKEA stores, noted that in the past…
Ikea Confirms 10 Percent Price Hike in UK Due to Supply Chain Costs
Flatpack furniture specialist Ikea has confirmed it has increased the average price of products in its UK stores by 10 percent due to rising supply chain costs. The retailer said it has been forced to increase prices in the UK by more than the global 9% average due to “local market conditions”, including increased HGV…
Main IKEA Retailer’s Profits Jump Despite ‘Unprecedented Challenges’
November 30, 2021
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STOCKHOLM—Ingka Group, the owner of most IKEA stores world-wide, reported on Tuesday a jump in annual profit on the back of record demand for home furnishing as people stay at home more due to the pandemic. Despite more temporary store closures due to pandemic related restrictions than the year before, and product shortages due to…
Ikea Offering Tiny Apartment in Tokyo for Less Than $1 per Month
Ikea is branching out into real estate and is now offering a tiny home in Japan for less than $1 per month as part of its Tiny Homes apartment rental service campaign. The Swedish retailing giant, best known for its compact and low-priced furniture, shared details of the new apartment in a release this week….
IKEA Owner Sees Cost Pressures Rising After Hit to Profits
STOCKHOLM—The owner of the IKEA furniture brand said on Wednesday it would raise prices due to supply chain challenges far into 2022, after it reported a drop in full-year profit due to higher transport and raw material costs. Despite record demand as people spend more time at home due to the pandemic, pretax profit at…
IKEA Warns Supply Chain Disruptions Likely to Last Into 2022
STOCKHOLM—IKEA, the world’s biggest furniture brand, is leasing more ships, buying containers, and re-routing goods between warehouses as it works hard to mitigate a “perfect storm” of global supply chain disruptions which could last into next year, executives said. The company, which earlier on Thursday reported record annual sales as locked-down consumers spent more than…
IKEA to Shift More Production to Turkey to Shorten Supply Chain
ISTANBUL—Sweden’s flat-pack furniture giant IKEA is planning to move more production to Turkey to minimize problems with global supply chains and increased shipping costs, the company’s chief financial officer for Turkey said. Products it expects to make and then export from Turkey, including armchairs, bookcases, wardrobes, and kitchen cabinets, are currently shipped thousands of miles…
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