Ikea will be venturing into second-hand furniture and is set to launch a new concept in time for Black Friday. The new scheme lets customers bring their unwanted and used furniture back to the store and receive discount vouchers in return.

Under the new plan, the Swedish furniture giant will offer vouchers worth up to 50% of the item's original price which customers can spend at its stores. The value of each voucher depends on the condition of the items they return. Upon return, customers will be asked to log the item and will receive an estimate of its value.

The "Buy Back" initiative is an international scheme the company launched in its efforts to support sustainable living.

"By making sustainable living more simple and accessible, Ikea hopes that the initiative will help its customers take a stand against excessive consumption this Black Friday and in the years to come," the company said.

Items that are returned without visible scratches are tagged "as new" and get a corresponding voucher with 50% off its original price. Those with minor scratches are tagged as "very good" and will be valued at 40% while those with several scratches get 30% and tagged as "well used."

All items should be returned fully assembled, after which they will be checked and assessed for the final agreed value.

The "Buy Back" offer can be availed in Ikea stores located in over 27 countries. It applies to furniture such as bookcases, desks, dining tables as well as chairs and stools that do not come with upholstery.

The company has plans to dedicate areas in each store where people can sell back their furniture as well as purchase repaired or refurbished items, the BBC wrote.

In recent years, Ikea has been pushing towards becoming environmentally friendly as it aims to turn its furniture business to a fully circular and climate positive company by the year 2030.

Just this month, the company announced its plans to open more stores this year despite the business slump caused by the global pandemic. Around 50 stores are set to open worldwide adding to the existing 445 stores operating across the world. Ikea's latest sales figures for the current year are placed at £36 billion.

IKEA's product development centre is pictured in Almhult, Sweden June 7, 2018. REUTERS/Anna Ringstrom