FILE PHOTO: The company’s logo is seen outside of an IKEA Group store in Saint-Herblain near Nantes, France, March 22, 2021. REUTERS/Stephane Mahe
March 3, 2022
By Anna Ringstrom
STOCKHOLM (Reuters) – IKEA, the world’s biggest furniture brand, is closing its stores in Russia and pausing all sourcing in the country and ally Belarus, joining the wave of Western firms curbing business with Russia after its invasion of Ukraine.
The news, announced on Thursday, came as IKEA store owner Ingka Group’s retail manager told Reuters it now expected to raise prices by an average of 12% this fiscal year, up from 9% previously, amid soaring raw material costs and supply chain disruptions.
While a raft of international companies have already halted operations in Russia due to the war and consequent sanctions against the country, IKEA is one of the first to also halt business with…
