Swedish furniture giant IKEA in buying spree to reduce dependency on raw materials

IKEA's radical new approach

IKEA, the Swedish furniture powerhouse, is embarking on an ambitious plan to become a more eco-friendly entity. The company is investing in renewable energy projects and recycling startups, with the aim of reducing its dependence on raw materials and virgin fossil fuels. - IKEA has invested €688m in wind and solar energy in the last year alone - It has plans to double its investments in renewable energy over the next five years - In 2020, 59% of the company's product range was made from renewable materials - A redesigned chair, produced with 60% less material, recently emerged from IKEA’s labs - The company is exploring methods to recycle fabrics into new products

Impact of the pandemic

The Covid-19 pandemic had a significant impact on IKEA, forcing shut down of stores worldwide and prompting a dramatic increase in online sales. Therefore, the company had to swiftly adjust to the new realities, focusing on digital innovation and flexible delivery options.

Recovering from supply chain issues

IKEA faced significant supply chain disruption due to Covid-19, which brought a series of production delays. However, the company is now taking steps to alleviate these challenges by diversifying its sourcing and increasing the scale of its inventories. Hashtags: #IKEA #EcoFriendlyInvestment #RenewableEnergy #Recycling #SustainableFurniture #GreenInvestment #SupplyChain #Covid19Impact #OnlineSales #DigitalInnovation #FurnitureIndustry #BusinessNews #ZeroWaste #MaterialReduction #RecycledFabrics