Russia and Belarus were IKEA’s fifth and sixth-largest suppliers before the war in Ukraine (6% and 5% of total purchases), respectively.
IKEA is currently assessing its long-term timber sourcing strategy, according to Johansson, with an emphasis on substitutes for Russian suppliers.
“Now it also appears that the market for raw materials is falling a little bit, so perhaps the situation is a little bit easier now,” he commented. Reuters reports that a decline in timber prices after a rise in the past several years due to increasing demand during the COVID-19 outbreak has aided IKEA’s reorientation toward raw materials from other nations.
source: reuters.com
