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Russian Furniture Retailers Eye IKEA’s Business

Russian Furniture Retailers Eye IKEA’s Business

Russian Furniture Retailers Eye IKEA's Business

Russian fashion retailer Tvoi Dom and Hoff are looking to buy IKEA’s factories in Russia, which are now up for sale.

“Management is ready to consider commercial proposals for the acquisition of IKEA’s assets – retail and production sites,” Tvoi Dom spokesperson Amina Tagieva said.

In March, the Swedish furniture retailer shuttered its 17 stores in the country in response to Russia’s attack on Ukraine. The company noted that it is now considering various options for the future of its store locations and that a sale of its factories in the country would result in a reduction of 15,000 jobs, Reuters reported.

While Tvoi Dom has not disclosed any details, Hoff’s Chief Executive Maxim Grishakov said his company is looking into renting some of IKEA’s retail space and buying some of the factories.

IKEA’s sale of its business in the country would make it the latest company to have exited the Russian market. One of the other major players that has cut ties with Russia includes McDonald’s. Some of the company’s previously-owned 850 stores recently reopened on June 12 under the brand name Vkusno-i Tochka (meaning “tasty and that’s it”) with a different logo. The rebranded stores carry many McDonald’s popular items such as fish burgers, chicken nuggets, and double cheeseburgers.

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