IKEA owner sells its business in Russia

Ingka Centers reported the information.

"Now we can confirm that Ingka Centres has reached an agreement to sell its Russian portfolio of 14 MEGA shopping centres to a subsidiary of the Gazprombank Group," the statement said.

Staff in Russia will be employed by the new owner.

Ingka Centers, which has been operating in Russia for over 20 years, has completed the sale of its Russian shopping centre portfolio. This process was sensitive, extremely complex and confidential due to the scale of the portfolio, operational complexity, regulatory framework and the importance of MEGA shopping centres to people, the release adds.

The IKEA network in Russia: details

In March 2022, IKEA suspended its operations in Russia after its invasion of Ukraine, but the company's goods were sold on marketplaces.

Later, in June of the same year, the furniture company announced that it was leaving Russia and Belarus, and promised to sell all of its assets to another owner.

All 17 stores were reportedly closed.

As of February 22, 2023, IKEA products were still available in Russia.