Date
25 May 2018
Ingvar Kamprad, who built IKEA into a big multinational furniture retailing chain, has been hailed as one of the greatest entrepreneurs of the 20th century. Photo: Reuters
Ingvar Kamprad, who built IKEA into a big multinational furniture retailing chain, has been hailed as one of the greatest entrepreneurs of the 20th century. Photo: Reuters

IKEA founder Ingvar Kamprad dies at 91

Ingvar Kamprad, the billionaire founder of the Swedish multinational furniture retailer IKEA, died at the age of 91, according to an announcement.

“One of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away, at his home in Smaland, Sweden, on the 27th of January,” IKEA said on Sunday.

Sweden’s Prime Minister Stefan Lofven praised Kamprad as an inspirational figure whose influence had reached far beyond his native land, Reuters reports.

“Ingvar Kamprad was a unique entrepreneur who had a big impact on Swedish business and who made home design a possibility for the many not just the few,” Lofven said.

Kamprad started IKEA in 1943 when he was just 17, but his big break came in 1956, when the company pioneered flat-pack furniture.

He got the idea when he watched an employee taking the legs off a table to fit it into a customer’s car and realized that it could be developed to save money on transport, storage and sales space.

The business now has around 400 stores around the world, including in Hong Kong and mainland China. 

Born on March 30, 1926, Kamprad started off selling matches to neighbors at the age of five and soon diversified his inventory to include seeds, Christmas tree decorations, pencils and ball-point pens.

Despite his wealth, Kamprad prided himself on being frugal, driving an old car and encouraging staff to write on both sides of a sheet of paper to avoid waste.

Kamprad was also controversial figure.

He was forced to apologize for his time as a member of the New Swedish Movement, a nationalist, far-right group that supported fascist parties around Europe, in the 1940s.

His decision to live abroad, mainly in Switzerland, to avoid Sweden’s high income taxes was also widely criticized, Reuters noted.

In recent years, Kamprad had stepped away from the day-to-say running of the empire he created, though he remained an advisor.

His sons — Peter, Jonas and Mathias — still sit on the boards of various IKEA entities, but the family is no longer at the helm.

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RC

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