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.