Stockholm - The company said in a statement that he passed away peacefully surrounded by his loved ones at his home.
Published: Sun 28 Jan 2018, 2:52 PM
Updated: Sun 28 Jan 2018, 4:57 PM
Ikea founder Ingvar Kamprad, who built a global business empire with revolutionary flat-pack furniture and was known for his contempt for taxes, died aged 91, the Swedish furnishing giant said on Sunday.
The company said in a statement that Kamprad "passed away peacefully surrounded by his loved ones" at his home in the southern Swedish region of Smaland on Saturday "following a brief illness".
"His legacy will be admired for many years to come and his vision - to create a better everyday life for the many people - will continue to guide and inspire us," Jesper Brodin, CEO and president of the Ikea Group, said in the statement.
Born in 1926 to a farming family in the southern Swedish region of Smaland, Kamprad founded the company at age 17.
Despite his enormous success and wealth, Kamprad's modest spending habits bordered on the obsessive.
In 1973 he fled Sweden's higher tax structure for Denmark before seeking even lower taxes in Switzerland.
Starting in 2010 Kamprad gradually made way at the helm of the company for his three sons, finally returning to live in Sweden in 2014.
Kamprad announced in 2013 that he would be stepping down from the board of Inter Ikea, owner of the furniture giant's concept and brand, and his youngest son became chairman.
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