IKEA is a multinational group of companies that
designs and sells ready-to-assemble furniture (such as beds, chairs and desks),
appliances and home accessories. As of January 2008, it is the world's largest
furniture retailer. Founded in Sweden in 1943 by then-17-year-old Ingvar
Kamprad, who was listed as one of the world's richest people in 2013, the
company's name is an acronym that consists of the initials of Ingvar Kamprad,
Elmtaryd (the farm where he grew up), andAgunnaryd (his hometown in Småland, south
Sweden)The company is known for its modern architectural designs for various
types of appliances and furniture, and its interior design work is often
associated with an eco-friendly simplicity. In addition, the firm is known for
its attention to cost control, operational details, and continuous product
development, corporate attributes that allowed IKEA to lower its prices by an
average of two to three percent over the decade to 2010 during a period of
global expansion. The IKEA group has a complex corporate structure and is
controlled by several foundations based in the Netherlands, Luxembourg and
Liechtenstein.
