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Ikea announces plans to buy back used furniture in recycling push

Author : Pankaj Singh | Published Date : 2020-10-15 

IKEA, the flat pack furnishings retailer of Swedish origin, has reportedly announced plans to buy back used Ikea furniture in 27 nations in a bid to become more sustainable. The company will give vouchers worth up to 50 percent of the original price, to be spent at its stores.

According to sources familiar with the knowledge of the matter, the values of these vouchers will depend on the condition of used items they are returning. Items that are in extremely good condition with zero scratches will get 50 percent of the original cost. Furniture with minor scratches and several scratches will get 40 % and 30% of the original cost respectively.

Ikea is planning to equip its store with dedicated areas where people can sell back their used furniture and find refurbished or repaired furniture. The offer applies to furniture usually without upholstery, like the Billy bookcases, stools, desks, chairs, and dining tables. They also said that anything that can’t be resold will be recycled.

The Swedish furniture giant commenced its first collection in 1948 and certain vintage products have become collectible in recent years. The company’s auction website displays a number of designs from previous decades, and few are on sale for a significant price.

Ikea has been testing out furniture reselling in Glasgow and Edinburgh for over a year. The company said it aims to become a completely circular and climate positive firm by 2030.

Earlier this month the Swedish company announced plans to open 50 stores across the world - including in the United Kingdom; in addition to the 445 stores presently run by the brand. The company’s largest franchisee said demand was increasing after lockdown as people seek to renovate their homes. The company’s figures recorded sales of €39.6 billion in the year to August.

Sources credit - https://www.bbc.com/news/business-54531619

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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