Who Is 'Ingvar Kamprad'

Ingvar Kamprad was the founder of Swedish furniture store giant IKEA, and one of the world's richest people according to Forbes. He founded IKEA at the age of 17 following his vision for creating a better everyday life for people. His vision turned into a multi-billionaire business with 412 IKEA stores in 49 markets as of 2017. Kamprad kept IKEA as a tightly controlled private company under the Ikano Group, so financial details are limited. However, the company did report sales of 43 billion Euro in 2017.

Kamprad died on January 27th, 2018 at the age of 91 in his home country after an illness, according to the company. IKEA had become one of the world's most recognized brands and is widely known for stylish, functional and affordable self-assembled furniture.

'Ingvar Kamprad'

Kamprad founded the company in 1943 with a small gift from his father. It originally sold small items like wallets, picture frames 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. Kamprad sourced furniture from local designers, and helped develop the flat-pack system for transporting ready-to-assemble products that could be picked up easily in store or transported by truck.The first store opened in Sweden in 1958, and the United States saw its first IKEA in 1985. The name IKEA was created by Kamprad as a reflection to his humble beginnings in Southern Sweden. It stands for Ingvar Kamorad from Elmtaryd Agunnaryd, the town where he was raised.  

RELATED TERMS
  1. Closed Corporation

    A closed corporation is a company whose shares are held by a ...
  2. What is

    Augmented reality is the modification of a real-life environment ...
  3. Comparable Store Sales

    Comparable store sales is a retail store's revenue in the most ...
  4. Steve Forbes

    Grandson of Bertie Charles Forbes, the founder of Forbes Magazine, ...
  5. Comps

    A buzzword that refers to a retail firm's comparable same-store ...
  6. Forbes 500

    The Forbes 500 was an annual list of the top 500 U.S. companies ...
Related Articles
  1. Insights

    Has IKEA Reached 'Peak Curtains?'

    An IKEA executive made a comment that would have rankled investors (were IKEA not privately held). Here's what he (probably) really meant.
  2. Personal Finance

    Industries That Benefit From Broke College Students

    These types of businesses have found success by capitalizing on the college demographic.
  3. Insights

    Top 8 Companies Raising the Minimum Wage (MCD, SBUX)

    Learn how a slew of top companies raised their minimum wage, including Starbucks and Wells Fargo, and how this affected their business.
  4. Investing

    How Amazon Will Crush Williams-Sonoma, Wayfair

    Amazon is planning an aggressive push into big-box furniture.
  5. Personal Finance

    What Education Do You Need To Become A Billionaire? (MSFT, ORCL)

    What kind of education does it take to become a billionaire? We take a look at the formal and informal education of the world's five richest people.
  6. Tech

    How to Make Money in Augmented Reality

    Discover how advertisers use augmented reality content to engage consumers and boost sales. Augmented reality allows consumers to view real-life, real-time ads.
  7. Insights

    Buffett Loses Second Spot To Bezos; Gates Remains #1

    The Forbes 400 is out and Warren Buffett is bumped from the #2 spot for the first time in 15 years. Donald Trump fell 35 spots on the list.
  8. Investing

    5 Retailers Set to Close More Stores in 2016 (FINL, GPS)

    Discover retail stores that have already announced plans to close stores in 2016. Some expect a new economic downturn, which may lead more stores to close.
  9. Trading

    Are Dollar Stores Really A Bargain?

    It's hard to resist an item that's $1. We tell you when you should fight the urge.
  10. Investing

    The Top 3 ETFs For Investing in Sweden

    Discover a selection of popular exchange-traded funds, or ETFs, that offer investors the ability to access exposure to the Swedish equities market.
RELATED FAQS
  1. What is the formula for calculating gross profit margin in Excel?

    Understand the basics of the gross profit margin including its interpretation as a measure of profitability and its calculation ... Read Answer >>
  2. When are businesses required to use accrual accounting?

    Determine when the accrual accounting method must be used instead of cash accounting. Most businesses use accrual accounting ... Read Answer >>
Hot Definitions
  1. Gross Margin

    A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. ...
  2. Inflation

    Inflation is the rate at which prices for goods and services is rising and the worth of currency is dropping.
  3. Discount Rate

    Discount rate is the interest rate charged to commercial banks and other depository institutions for loans received from ...
  4. Economies of Scale

    Economies of scale refer to reduced costs per unit that arise from increased total output of a product. For example, a larger ...
  5. Quick Ratio

    The quick ratio measures a company’s ability to meet its short-term obligations with its most liquid assets.
  6. Leverage

    Leverage results from using borrowed capital as a source of funding when investing to expand the firm's asset base and generate ...
Trading Center