IKEA store operator Ingka Group sells last Russian asset

Reuters reported the information.

Ingka Group, which operates most IKEA stores worldwide, has sold its last remaining asset in Russia, a warehouse near Moscow, to Russian entrepreneur Robert Uzilov, according to RBC business daily.

Reuters emphasizes that Ingka sold its 14 MEGA-branded shopping malls in Russia to Gazprombank Group in September 2023, joining scores of Western companies abandoning the Russian market after Moscow sent its army into Ukraine in February 2022. 

RBC's sources did not disclose the sale price, and neither Ingka nor Uzilov provided immediate comments.

Inter IKEA owns the IKEA brand and produces its products, which are supplied to franchisees like Ingka. Upon completing the sale of the shopping malls, Ingka Centres, which had operated in Russia for over two decades, stated that the transaction would result in the company no longer having any active business operations in Russia.