All news

IKEA’s plants in Russia can be sold with discount — expert

Earlier, IKEA said it would sell four plants in Russia and keep the pause for the retail business

MOSCOW, June 15. /TASS/. Four production facilities of IKEA in Russia can be sold with discount, chief executive of the Russian Association of Furniture and Woodworking Industry Timur Irtuganov told TASS on Wednesday.

IKEA said earlier today it would sell four plants in Russia and keep the pause for the retail business.

"Revenues of three furniture plants and one chipboard plant of IKEA were close to 20 bln rubles ($347.7 mln) in 2021. The market now is in the red, compared to 2021. As far as the value [of company’s assets in Russia - TASS] are concerned, if they sold the business in January, they could expect dozens of billions of rubles. This amount will most probably be times lower now," the expert said.

No shortage of goods evolved over three months since the suspension of IKEA stores’ operation on the Russian market, Irtuganov said. "All the niches were redistributed among other furniture stores. Concerning plants that are also idle for three months, they will find new owners after some time and will start operations," he added.