IKEA

IKEA is a Swedish home furnishings retailer. It has 202 stores in 32 countries, most of them in Europe, the rest in the United States, Canada, Asia and Australia. More than 20 are scheduled to open during 2005. IKEA is one of the few store chains to have locations in Israel as well as in other nations in the Middle East.

History

The company was founded by Ingvar Kamprad at age 17 in 1943. The company name is a composite of the first letters in his name and the names of the property and the village in which he grew up: Ingvar Kamprad Elmtaryd Agunnaryd. This acronym was possibly chosen because it was similar to the Greek word ????? (home) and to the Finnish word oikea (correct).

Related Topics:
Ingvar Kamprad - 1943 - Greek - Finnish

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Originally IKEA sold pens, wallets, picture frames, table runners, watches, jewelry and nylon stockings or practically anything Kamprad found a need for that he could fill with a product at a reduced price. Furniture was first added to the IKEA product range in 1947 and, in 1955, IKEA began to design its own furniture. The company motto is: "Well designed affordable quality furniture to the many people".

Related Topics:
Pen - Wallet - Picture frame - Table - Watch - Jewelry - Nylon - Stockings - Furniture - 1947 - 1955

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At first Kamprad sold his goods out of his home and by mail order, but eventually a store was opened in the nearby town of Älmhult. It was also the location for the first IKEA "warehouse" store which came to serve as a model for IKEA establishments elsewhere and on March 23, 1963, the first store outside Sweden was opened in Asker, a Norwegian municipality outside Oslo. (The store was located in the same building which houses the Bellevue hotel, about two km from the present site at Billingstad/Slependen, which opened in 1975. The store in Asker is currently undergoing a major expansion and remodelling.)

Related Topics:
Mail order - Älmhult - March 23 - 1963 - Asker - Norwegian - Oslo - Km - 1975

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As a result of the sliding value of the U.S. dollar, Kamprad has now (according to Swedish news sources, somewhat discussed) overtaken Bill Gates to become the richest man in the world http://in.news.yahoo.com/040404/137/2cdva.html. IKEA however denies this assertion, saying that IKEA should not be counted as part of Kamprad's assets as he no longer owns the company. Others argue that this is a matter of definition as the chain is owned by a foundation controlled by the Kamprad family. Forbes magazine continues to list Gates as #1, placing Kamprad at #6.

Related Topics:
U.S. dollar - Bill Gates - Forbes

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