Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Yandex buys up remaining IKEA Russia inventory

Published 11/18/2022, 07:02 AM
Updated 11/18/2022, 01:31 PM
© Reuters. FILE PHOTO: A view shows the logo of IKEA on a closed store in Kotelniki outside Moscow, Russia July 5, 2022. REUTERS/Evgenia Novozhenina/File Photo
NBIS
-

MOSCOW (Reuters) - Yandex (NASDAQ:YNDX) Market, owned by Russian internet giant Yandex, said on Friday it had agreed to buy up the remaining inventory of Swedish furniture giant IKEA, which has closed its shops in Russia.

Yandex signed binding documents on Nov. 16 to buy more than 20 million IKEA products, from furniture to stuffed toys, left over from the final online sale this summer, it said, adding that it will start selling the items before the end of the year.

Yandex will sell the products in a section of its online marketplace designated 'IKEA goods', which combines items from production sites in Russia which used to supply IKEA, shop inventory and IKEA goods brought from overseas.

IKEA decided to close its shops in Russia after Moscow sent troops to Ukraine in February in what it said was a 'special military operation'. Many other western companies - from energy producers to food and clothing chains - have left Russia.

© Reuters. FILE PHOTO: A view shows the logo of IKEA on a closed store in Kotelniki outside Moscow, Russia July 5, 2022. REUTERS/Evgenia Novozhenina/File Photo

Main franchisee Ingka, which owns most IKEA stores, including those in Russia, said last month it had not decided whether to sell its IKEA stores in Russia, which generated around 4% of its group sales in 2021.

Its shopping malls in the country remain open.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.