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Ikea founder dead: Ingvar Kamprad dies aged 91 Ikea founder dead: Ingvar Kamprad dies aged 91
(35 minutes later)
The founder of Swedish furniture firm Ikea, Ingvar Kamprad, has died at the age of 91, the company has said. The founder of Swedish furniture firm Ikea, Ingvar Kamprad, has died at the age of 91, the company has said.
Mr Kamprad died quietly in his sleep in his home in Småland, southern Sweden, Ikea said in a statement. Mr Kamprad died peacefully at his home in Småland, southern Sweden, Ikea said in a statement.
Ikea began as a shop in Mr Kamprad's garden shed that sold watches and Christmas cards. The company described him as “one of the greatest entrepreneurs of the 20th century”.
But it became popular for its flat-pack furniture, which was for lauded for democratising good, modern home design. “He will be much missed and warmly remembered by his family and IKEA staff all around the world,” it added.
Mr Kamprad eventually became of of Europe's richest men and he lived for several decades in Switzerland, where he moved in the 1970s to avoid Sweden's high tax rate. Mr Kamprad began Ikea when he was 17 years old, selling watches and Christmas cards from his garden shed.
But he moved back to Sweden in 2013 after the death of his wife Margareta. But his company only became popular in 1956, when it pioneered flat-pack furniture, which is lauded for helping democratise good, modern home design.
The same year, he also stepped down from the board of a key company within the business that owns the brand and directs strategy. His youngest son took over as its chairman. The business magnate got the idea while watching an employee taking legs off a table to fit it into a customer’s car.
Ikea’s business model is now based on huge production runs of identical stock, which allows it to export Scandinavian style at an affordable price
In 1987, after becoming well-established in Germany, France, Japan and Australia, Ikea arrived in the UK. Its quickly became popular with Brits and its products have become ubiquitous.
Mr Kamprad eventually became of of Europe’s richest men and he lived for several decades in Switzerland, where he moved in the 1970s to avoid Sweden’s high tax rate.
But he moved back to Sweden in 2013 after the death of his wife Margareta. The same year, he also stepped down from the board of a key company within the business that owns the brand and directs strategy. His youngest son took over as its chairman.
The Kamprad family still controls the complex corporate structure that forms the Ikea chain.The Kamprad family still controls the complex corporate structure that forms the Ikea chain.
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