Swedish IKEA founder Kamprad dies at 91
STOCKHOLM, (Reuters) - Billionaire IKEA founder Ingvar Kamprad, who turned a business he launched as a teenager into one of the world’s best known furniture brands, has died at the age of 91, the Swedish company said on Sunday.
IKEA’s simple but sturdy designs and self-assembly products are now familiar in homes around the globe and the retailer is aiming to generate 50 billion euros ($62 billion) in annual revenues by 2020.
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 realised that it could be developed to save money on transport, storage and sales space.
The business now has around 400 stores, many of them cavernous warehouses in out-of-town malls and roughly 1 billion people visited them last year.
“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,” the company said.
Sweden’s Prime Minister Stefan Lofven praised Kamprad as an inspirational figure whose influence had reached far beyond his native land.
“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,” national news agency TT quoted Lofven saying.