16.3 C
New York
Monday, October 25, 2021

IKEA founder Ingvar Kamprad dead at 91

IKEA founder Ingvar Kamprad dead at 91© Reuters. FILE PHOTO: Ingvar Kamprad, founder of Swedish multinational furniture retailer IKEA, is seen in Agunnaryd

STOCKHOLM (Reuters) – Billionaire IKEA founder Ingvar Kamprad has died aged 91, the Swedish company said on Sunday, with the furniture empire he launched more than half a century ago familiar around the globe.

Kamprad founded IKEA in 1943 when he was just 17, but didn’t hit gold until 1956, when the company pioneered flat-pack furniture.

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

The retailer is now heading for 50 billion euros ($62 billion) in annual revenues.

“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.

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

“Ingvar Kamprad was a great entrepreneur of the typical southern Swedish kind – hardworking and stubborn, with a lot of warmth and a playful twinkle in his eye,” the company said.

“He worked until the very end of his life, staying true to his own motto that most things remain to be done.” ($1 = 0.8052 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

10,835FansLike
12,893FollowersFollow
756FollowersFollow
- Advertisement -

Latest Articles

Popular Articles