IKEA founder dies at his home in Sweden

IKEA founder dies at his home in Sweden

IKEA founder dies at his home in Sweden

Kamprad was also controversial figure.

Kamprad was born there in 1926. The story of Ikea - acronym for Ingvar Kamprad, Elmtaryd and Agunnaryd (the name of his farm and municipality of origin) began in 1943.

He got the idea when he watched an employee taking the legs off a table to fit it into a customer's vehicle and realised that it could be developed to save money on transport, storage and sales space.

He started the first Ikea catalogue - now an iconic feature of the furniture chain - in 1951, after seeing it as an opportunity to sell furniture on a larger scale.

Ikea opened its first store in the United Kingdom in 1987, and it is in the process of building its 22nd store in the country in Greenwich, south-east London.

Kamprad got the name IKEA from his own initials, the first letters of his family farm and where the farm was located.

Microsoft releases emergency Windows update to hamstring earlier 'Spectre' defence
Before the Windows update, Intel had recommended user's to not update their firmware till the issues were ironed out. Microsoft's updates are aimed at Windows Server users as well as consumers with Windows 7, 8.1 and 10.

For instance, bookcases are named after professions and Scandinavian boy's names (Ikea's bestselling Billy bookcase is named after employee Billy Likjedhal), and outdoor furniture is named after Scandinavian islands.

Ingvar Kamprad posing for a photo with an Ikea staffer.

Despite his wealth, Kamprad prided himself on being frugal, driving an old vehicle and encouraging staff to write on both sides of a sheet of paper to avoid waste. "It means that I want to set a good example", he told Swedish channel TV4 in 2016. "If you look at me now, I don't think I'm wearing anything that wasn't bought at a flea market'".

His modest house in Switzerland was furnished nearly entirely with Ikea items - which he assembled himself. In 2017, his fortune was estimated at $46 billion, according to the Swiss economic magazine Bilan.

His decision to live overseas, mainly in Switzerland, to avoid Sweden's high income taxes was also widely criticised.

Last year, the European Commission announced that it had launched an investigation into Ikea's tax deals in the Netherlands.

Buhari Heads for AU Summit, May Meet Obasanjo
The AU has chosen the theme of winning the fight against corruption as a sustainable launch pad for Africa for African transformation.

He was forced to apologise for his time as a member of the New Swedish Movement, a nationalist, far-right group that supported fascist parties around Europe, in the 1940s. While Sweden was neutral during the war, its Nazi party remained active after the war.

Mr Kamprad said he stopped attending its meetings in 1948.

Kamprad later said that it was "a part of my life which I bitterly regret" but his "Nazi past followed [him] ... to his death", Derek Hawkins reports for the Washington Post, detailing both the charges against him as well as his - and others' - defense of what he claimed was an indiscretion of his youth.

The company said that Mr Kamprad was "one of the greatest entrepreneurs of the 20th century".

In 2013, he was forced to hand over billions of dollars to his sons following a bitter family feud over intellectual property income that he kept for himself, according to a book on Ikea.

Mourners Say Final Goodbye to Cranberries Singer Dolores O'Riordan
Coroner's officer Stephen Earl said O'Riordan was found unresponsive in her hotel room at the Hilton hotel in Westminster, London. Meanwhile, fans have propelled " Linger " (No. 11), " Zombie " (16) and " Dreams " (24) back in to the Irish Top 40.

Related news