Ikea founder Ingvar Kamprad dies at 91

File photo of Ikea founder Ingvar Kamprad Photograph:( Reuters )

WION Web Team New Delhi, Delhi, India Jan 28, 2018, 12.54 PM (IST)

Swedish billionaire and founder of multinational group Ikea, Ingvar Kamprad died on Sunday at the age of 91 from natural causes.

Flat pack furniture pioneer passed away in his sleep at his home in Småland, Sweden.

“We are deeply saddened by Ingvar’s passing. We will remember his dedication and commitment to always side with the many people. To never give up, always try to become better and lead by example”, says Torbjörn Lööf CEO and President of Inter IKEA Group in company's official statement.

Born on March 30, 1926, Kamprad started Ikea when he was just 17 years old.

Kamprad got the idea of flat-pack furniture while he was watching an employee taking the legs off a table to fit it into a customer`s car and realised that saving space meant saving money.

The acronym IKEA is made up of the initials of his name, Ingvar Kamprad plus those of Elmtaryd, the family farm where he was born, and the nearby village Agunnaryd.

The retailer is now heading for 50 billion euros ($62 billion) in annual revenues. 

Kamprad is selling stuff from the age of five, he used to sell matches to neighbours and diversified his inventory to include seeds, Christmas tree decorations, pencils and ball-point pens.

Kamprad listed by Forbes in 2015 as one of the ten richest people in the world, worth more than 40 billion dollars

Ikea designs and sells ready-to-assemble furniture, kitchen appliances and home accessories. It has been the world's largest furniture retailer since at least 2008.

As of November 2017, Ikea owns and operates 411 stores in 49 countries.