IKEA Founder Dies Aged 91

One of the greatest entrepreneurs of the 20th century

IKEA founder Ingvar Kamprad
IKEA founder Ingvar Kamprad

Ingvar Kampard, the billionaire IKEA founder who turned a small scale mail order business into a global furniture empire has died at the age of 91, according to the Swedish company.

Ikea Sverige, the chain’s Swedish unit, said on Twitter that Mr Kamprad died on Saturday (local time) at his home in Smaland, Sweden.

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

The company’s name is founded from his own initials and the first letters of the family farm, Elmtaryd, and the parish of Agunnaryd where it is located.

Kamprad had named his sons as the sole heirs of an entity called the Ikano Group, which holds a substantial minority stake in IKEA estimated at US$1.5 billion. In June 2013, Mr Kamprad announced that he would retire from the board that controls the Ikea brand as part of moves to hand responsibilities over to his son, Mathias.

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Chloe Grima is a recent graduate with a Bachelor of Arts from Swinburne University. Her career goal is to be an editor for either Vogue or Little Brown. When she’s not nose deep in a great book or writing away, you can find her searching for the next amazing fashion piece and the perfect pair of black jeans. In her spare time, she loves going to the movies, finding great places to eat and playing the occasional video game.