Ikea founder Ingvar Kamprad passed away
Updated Date: 30 January 2018
The Swedish founder of the Ikea furniture chain, Ingvar Kamprad, has died at the age of 91 yesterday at his home in Småland.
The company said that Mr. Kamprad was "one of the greatest entrepreneurs of the 20th century".
The billionaire, who was born in 1926 in Småland, founded Ikea at the age of 17 pioneered flat-pack furniture. He used some money his father had given him as a gift for performing well at school despite his dyslexia. Ikea started in 1943 and now has 389 stores worldwide. The name comes from Mr Kamprad's initials (IK), together with the name of the farm he grew up on - Elmtaryd (E) - and the nearby village Agunnaryd (A).The company's retail sales totalled 36.4bn euros ($43bn, £30bn) in 2016.
Its flat-pack furniture became iconic both for its affordability and for its picture-based assembly instructions.
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