DEFINITION of 'Ingvar Kamprad'
The billionaire founder of Swedish furniture store giant IKEA, and one of the world's richest people according to Forbes. IKEA is known for stylish, functional and affordable self-assembled furniture.
BREAKING DOWN 'Ingvar Kamprad'
Kamprad founded the company in 1943, but it originally sold small items like wallets and ballpoint pens. The company did not focus on furniture until 1948 and soon began to operate by mail order, not opening a showroom until 1953. The first store opened in Sweden in 1958, and the United States saw its first IKEA in 1985. In 2009, the company operated 309 franchised retail stores in more than 35 countries.