Saturday, 24 February, 2018

The man who built Ikea has died

Founder of Swedish furniture firm Ikea Ingvar Kamprad dead aged 91 Ikea founder dies: World's biggest furniture chain founder Ingvar Kamprad dead aged 91
Nellie Chapman | 28 January, 2018, 16:11

The Kamprad family still controls the complex corporate structure that forms the Ikea chain.

Kamprad, born in 1926, founded Ikea when he was just 17.

IKEA founder Ingvar Kamprad has died at the age of 91, the Swedish company has announced.

Ikea confirmed its founder's death on Twitter, saying Kamprad was "quietly asleep in his home in Småland" when he died.

He got the idea as he watched an employee taking the legs off a table to fit it into a customer's vehicle and realised that saving space meant saving money.

"To never give up, always try to become better and lead by example", said Torbjörn Lööf CEO and President of Inter IKEA Group. He eschewed formal business suits, dressed in well-worn clothes and in later years drove an old Volvo. "We do not need fancy cars, posh titles, tailor-made uniforms or other status symbols".

There is a grand total of 313 IKEA stores in 38 countries/territories.

The retailer is now heading for €50 billion in annual revenues.

Ikea's corporate culture mirrors Kamprad's celebration of frugality. For decades the Swedish businessman lived in Switzerland, where he benefited from lump-sum taxation.

Kamprad left his operativ role at Ikea in 1988, but has continued to support the company in an advisory role. Despite his flaws, Swedes took his plain-spoken style - as well as his furniture - to heart, voting him the top entrepreneur of all time in 2014.