Describe the product you have chosen. Furniture and kitchenware by IKEA.
Why do you consider it circular? The raw materials used in the furniture is from products which were made from wood, plastic, paper, metals and textiles and they have been re-crafted into furniture and kitchen ware. Arrangements can be made to resell or exchange the old furniture with IKEA and buy new one. The cycle for circular economy continues in this way as IKEA breaks down old products and uses the material to build new ones.
Which principles of CE models are being used? Business model and keep-looping.
What are the economic and environmental benefits? Customer can sell the old furniture to IKEA under the buy-back scheme so that it does not end up in landfills and can recycle and reuse it to manufacture new items. Customers can rent the furniture as well and save up on owning it and can change the furniture without spending considerable amount of money.
Which one of the “5 business-models” does it belong to? Long life