Ingvar Kamprad is a well-known entrepreneur who built IKEA into one of the world’s largest furniture companies. This creative individual was a kid prodigy who dabbled in business from a young age. His grandmother is claimed to have saved her husband’s firm from bankruptcy. He actively supported his grandmother’s efforts. He realized he could make money by buying commodities in bulk and selling them individually as a child. At seventeen, Ingvar began his own mail-order business, ‘IKEA’. He worked tirelessly to build the company and came up with innovative concepts that benefited both the customer and the entrepreneur. Despite his dyslexia, he overcame it to achieve success. He is recognized with introducing flat-boxed furniture, which has revolutionized modern life with its ease of use. Read on to learn more about him and his business successes.
Early Childhood of Ingvar Kamprad
Kamprad was born on March 30, 1926, in Pjätteryd, Sweden, and raised in Ljungby Municipality’s lmtaryd (previously Elmtaryd) district.
He had an excellent sense of trade from an early age, calculating that buying matches in bulk and selling them individually may make him a profit. He later traded in fish, seeds, pencils, pens, and even decorative items.
He was also a bright student, and Ingvar’s father rewarded him financially for his efforts. Soon after, he thought about starting a business.
A Career of Ingvar Kamprad
In 1943, he founded IKEA, a company named after his initials, his family’s farm Elmtaryd, and the nearby settlement Agunnaryd.
With humble beginnings selling little items like wallets, photo frames, socks and pencils by mail order, this company has grown to be the world’s largest furniture retailer.
At the same time, he joined the ‘New Swedish Movement’ (Nysvenska Rörelsen), directed by Per Engdahl. Later in life, Kamprad stated that his grandmother and father influenced his youthful political activity.
In 1948, he added furnishings to his IKEA startup company. From tiny orders, the corporation used trucks and trains to convey their goods.
By 1950, ‘IKEA’ had become a furniture-only enterprise.
After the founder saw the necessity for a showroom, a ‘IKEA’ showroom was opened in Almhult about 1953.
In the years that followed, he strove to meet the requirements of his consumers while also growing his firm.
Due to the company’s growing popularity, competitors tried to restrict Swedish traders from supplying it with resources. Ingvar then imported materials and built their own goods.
In 1956, he invented ‘ready-to-assemble furniture’, often known as ‘flat pack furniture,’ which established a milestone in the furniture industry. This furniture is sold disassembled with assembly instructions.
These pieces of furniture were easy to build and promised to save space and money. This helped him save money and allowed consumers to easily organize their own deliveries.
Since 1965, the company has been extending its operations globally.
Ingvar is the current chairman of the Stichting INGKA Foundation, which he started in 1982.
The company grew rapidly over the next fifty years, and now has over 300 showrooms worldwide.
In 2000, the company expanded its operations by selling its products online. This means they now have an internet store, which opens up endless economic opportunities.
The ‘IKEA’ furniture catalogue is printed in mass quantities and by 2009, it had to be published in over twenty languages. This shows the company has customers from all around the world.
In 2013, he resigned from the board of Inter IKEA Holding SA.
Grandiose of Ingvar Kamprad
He founded IKEA, and the company’s success is due to his original ideas. His greatest contribution to the world is the notion of ‘Ready-to-assemble furniture’, which revolutionized the industry.
Personal Legacy
Margaretha Kamprad-Stennert was reportedly his second wife. But no details regarding his first wife.Jonas Kamprad, Peter Kamprad, Annika KIhlbom, and Mathias Kamprad are his children.
He became addicted to alcohol while doing business in Poland. In 2004, he was quoted as saying he had controlled his drinking.
He is the co-author of ‘Leading by Design: The IKEA Story’ with journalist Bertil Torekull.
Estimated Net Worth
Forbes assessed his net worth at $3.4 billion in June 2015.