Preview

The Man Behind Ikea Today

Good Essays
Open Document
Open Document
676 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
The Man Behind Ikea Today
He lives in a bungalow, flies easyJet and 'dries out' three times a year... the man who founded Ikea and is worth more than £15bn
Self-made man:
Ingvar Kamprad with wife Margaretha

In his faded coat, tinted prescription glasses and scuffed shoes, he looks like just another pensioner scraping by on a tight budget. But the man pictured here is Ingvar Kamprad, the reclusive Swedish founder of Ikea. And he is worth £15.7billion. That makes him the world's seventh richest man, but the 81-year-old admits he is still "a bit tight" with money. He takes easyJet flights, drives himself around in a 15-year-old Volvo, and has furnished his modest house almost entirely with Ikea items - which he assembled himself.
He boasted that he changed his barber of many years' standing after finding another who would cut his hair for only £6. And when he arrived at a gala evening recently to collect a businessman of the year award, the security guards refused to let him in because they saw him getting off a bus when he arrived. A former Nazi sympathiser in the years immediately following the Second World War, he is a self-confessed alcoholic who admits he has an ongoing problem with drink. But he says he has it under control and adds that he "dries out" three times a year. His eagerness to save money extends to his visits to London, when he shuns taxis and prefers to use the Tube or buses. A simple life: Mr Kamprad's Swiss home, furnished almost entirely with items from Ikea

He now lives in semi-retirement with his wife Margaretha in a villa in Switzerland. The couple are often seen dining out in cheap restaurants and haggling over prices in the market. He always does his food shopping in the afternoon, when the prices in his local market start to fall. Recently, a statue of him was erected in his Swedish home town, and he was invited to cut the ribbon. It was reported that instead he untied it, folded it neatly and handed it to the mayor,

You May Also Find These Documents Helpful

  • Good Essays

    Ingvar Kamprad, Swedish born citizen and founder and former CEO of Ingvar Kamprad Elmtaryd and Agunnaryd or better known as IKEA. Kamprad created a one of a kind furniture company that has become the largest furniture store in the world. The uniqueness is because they company specializes in everything being able to be broken down and shipped, “from furniture to the now famous mobile kitchens- could be packed in flat, stackable boxes (Nelson and Quick, 2011-438)”. His way of running the company is based on creativity, hard work and being frugal in his own life as well as the way he runs his company. So frugal that when employees travel they must share hotel rooms, a policy not carried in any major company. The philosophies that he has developed for IKEA are distinctive and have provided a successful way of being very profitable. Kamprad’s leadership characteristics have made him a very wealthy entrepreneur and admirable person but with a dark past. A past that he does not deny but states that he has learned from this and according to some has a message to send to other that carries great wisdom.…

    • 969 Words
    • 4 Pages
    Good Essays
  • Better Essays

    IKEA is a company that started out small by a five year old boy with an entrepreneurial spirit selling pencils and match sticks to neighbors. Because of his drive and determination to help out his family, the IKEA brand started in 1943 and is a global giant that has stores in forty-one countries, with twelve stores in various neighborhoods of China. The vision of IKEA is to create a better daily life for the many, and their business plan is to offer a wide range of well designed, functional home furnishings at prices that are low enough so as many people as possible can afford their furniture (IKEA, 2013). Markor International Furniture Company was founded in 1995 and has lumber resources that are imported, produces various styles of high-end furniture with different cultural elements, and exports to Australia, Canada, Europe, Japan, the U.S, as well as other countries. Markor ranks as one of the top furniture stores in the industry and in the areas of equipment level, production scale, industrial and technical production, as well as marketing, product development, and management. In 2002, Markor created its own brand of furnishings; Markor Home Furnishings and began working with Ethan Allen, one of the largest furniture retailers in the U.S, and opened around thirty stores across China (Markor, 2013).…

    • 1005 Words
    • 3 Pages
    Better Essays
  • Better Essays

    IKEA started its journey in 1943 by the company’s founder, Ingvar Kamprad (Bing, Zaleski and Gediman). The journey was conceptualized much earlier than that though. Kamprad had envisioned having his own business at the age of 5. Starting out at the age of only 17, Kamprad is given some reward money by his father (IKEA). With this money, he uses it to establish his own business, IKEA. IKEA originally sold pens, wallets, picture frames, watches, and jewelry; Not furniture. Furniture was introduced 5 years later in 1948. The response to the first line of furniture is quite positive, so Kamprad continues to expand the line. With his success, Kamprad decides that he would like to sell the furniture on a larger scale. In 1951, the IKEA catalog is born. In today’s world, this catalog is still very sought after and anticipated every season. Not only are the catalogs popular, but also the furniture showrooms. This feature was added in 1953 and gave IKEA most of the competitive advantage at that time. For the first time, customers can feel, touch, and look at IKEA furniture without ordering it. This innovation was also a success.…

    • 1441 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    Ingvar Kamprad founded IKEA in the early 1950s and served as CEO until 1986. By the mid-1990s the company was the world’s largest specialized furniture retailer. Kamprad broke the mold of the traditional furniture maker and went outside of the Swedish furniture cartel. He built relationships with outside suppliers and forged a unique business model featuring exhibition retail displays highlighting a broad range of functional, affordable well-designed home furnishings that customers could purchase in flat packages to take home and assemble themselves. Kamprad established IKEA’s mission “to create a better everyday life for the many people” and executed that mission through a strategy of selling affordable, high-quality furniture to mass market consumers.…

    • 2458 Words
    • 7 Pages
    Powerful Essays
  • Better Essays

    Ikea

    • 3264 Words
    • 14 Pages

    IKEA is a furniture company founded by a Swedish billionaire - Ingvar Kamprad, who is a successful leader and a living legend of IKEA. He made a great contribution to the innovation and successes of IKEA as well as keeping it grow strongly: Just in 10 years, sales of IKEA tripled from over $ 4 billion in 1993 to more than $ 12 billion in 2003.…

    • 3264 Words
    • 14 Pages
    Better Essays
  • Good Essays

    IKEA is one of the world’s top low-cost furniture retailers. IKEA was founded in Sweden by Ingvar Kamprad in 1943, when he was just 17 years old and is now owned by a Dutch-registered foundation, controlled by the Kamprad family. Inter IKEA Systems B.V. is the owner/franchiser of the IKEA trademark and Concept. The company name is a composite of the first letters in his…

    • 7197 Words
    • 29 Pages
    Good Essays
  • Good Essays

    Ikea Current Event

    • 2400 Words
    • 10 Pages

    Ikea was founded in 1943 when Ingvar Kamprad was given the Ikea name by his father. Ikea stands for; Ingvar Kamprad elmtaryd Agunnaryd, the son 's first and last name and the farm and village where he grew up. The first Ikea sold small items such as pencils, table runners and nylon stockings, all for exceptionally affordable prices. Ingvar knew he had found a system that worked, by 1945 he had expanded. Ingvar started advertising in local newspapers and began a do-it-yourself mail order service, where goods were transported by the local milk van to the train stations. In the early 1950 's Ikea published a magazine discovering that customers wanted more, forcing Ikea to innovate. In 1953, the first "hands on" Ikea furniture store was opened to the public in Almhult, Sweden. With many competitors in the area Ingvar quickly noticed that the customers wanted more. Ingvar met their demands by innovating his showcase to reveal the three key demands his customers wanted; function, quality and low prices (www.Ikea.com/company_history).…

    • 2400 Words
    • 10 Pages
    Good Essays
  • Better Essays

    When 17 year old Swedish Ingvar Kampred began selling various small household goods, he had no idea what he stumbled upon. Having a knack for business, Ingvar began selling furniture through mail order fulfillment and founded the company IKEA. IKEA owns and operates 332 stores in 38 countries and in fiscal year 2010, accounted for US$23.1 billion worth of…

    • 1152 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    IKEA is owned by a Dutch registered foundation and is controlled by Kamprad Family. It was founded by Ingvar Kamprad in 1943 in Smaland, Sweden when he was only 17 years old. He started with an innovative concept for the economically stricken but hard working people of Smaland. He first started his company with 15 co workers. His concept mainly based on cost cutting solutions which do not affect the quality of the product and thus offering the sale in a much lesser price than his competitors. He never compromised on the quality but he scrapped from everything else. The word IKEA comes from the first initials of his first and last name and the farm and the village he came from (Elmtaryd and Agunnaryd)…

    • 3808 Words
    • 16 Pages
    Powerful Essays
  • Good Essays

    The reason why we chose this business leader is simple, Ingvar Kamprad is a businessman and the founder of IKEA with an estimated worth of $22.5 billion dollars. Kamprad was born in the south of Sweden in 1926 and raised on a farm called Elmtaryd, near the small village of Agunnaryd. He is a great leader and one amazing thing about him is that he went into business early in life, selling matches as a schoolboy and also, very wisely for his age (or any age for that matter) Kamprad took his profits and used them to expand his operations, adding to his small line of goods with decorations of Christmas trees, fish, and seeds. He was learning the operational side of retailing, and he was learning it quickly and profitably.…

    • 6001 Words
    • 25 Pages
    Good Essays
  • Powerful Essays

    Position Analysis of Ikea

    • 3756 Words
    • 16 Pages

    IKEA was founded by Ingvar Kamprad on 1943 and The Company managed an asset of 15 co-workers and it bid the start of expansion including a number of furnishing for home, stores and companies. The success of the IKEA is explained through the relationship of the three ideas that are involved in the business – the entrepreneur, the business idea, and the company culture.…

    • 3756 Words
    • 16 Pages
    Powerful Essays
  • Best Essays

    IKEA was founded in Sweden in 1962 by Ingvar Kamprad at the low age of 17. The letters in IKEA is an acronym of Ingvar Kamprad, Elmtaryd (the old spelling of the farm where he grew up) and Agunnaryd (the village’s name). Starting with selling pens, matches and other products, Ingvar eventually started selling and later manufacturing furniture. The concept has basically always been the same – large volumes at low purchase price. Products with high demand sold at low prices. Not only do IKEA handle large volumes of goods. With businesses in 26 nations worldwide IKEA is represented in four continents, employing as much as 123 000 people (Ikea.com, a). This makes human resource management a fundamental part of daily processes. Domestic human resource management is a task itself. The international undertaking of HR management is another.…

    • 3709 Words
    • 15 Pages
    Best Essays
  • Good Essays

    Ikea Management Style

    • 2981 Words
    • 12 Pages

    Ikea has grown into a worldwide phenomenon with an almost like cult following and the world’s largest furniture retailer due in large part to its founder Ingvar Kamprad’s charismatic personality combined with his own philosophy of business management and the Scandinavian style of open management he has parlayed a fortune that will be left to one of his children who has proven their own business acumen by running one of his many companies profitably. According to Kamprad himself in his July 23, 2008 Acticule published by stoked in Major Companies Kamprad states;…

    • 2981 Words
    • 12 Pages
    Good Essays
  • Better Essays

    IKEA India Entry Strategy

    • 8154 Words
    • 35 Pages

    Fredén, J (2011). ' _Ingvar Kamprad - King of IKEA '_. [Online]. Available <http://www.sweden.se/eng/Home/Business/Reading/Ingvar-Kamprad--king-of-IKEA/>, Accessed 24 April 2012.…

    • 8154 Words
    • 35 Pages
    Better Essays
  • Good Essays

    Henry Sy and Shoe Mart

    • 614 Words
    • 3 Pages

    At one time, he was hit by shrapnel while selling, and quite fortunately was brought to the hospital by his good friend in a kariton. Without that friend, he could have bled to death. He treasured that friendship and later expressed his gratitude after the war by making that friend his partner in a shoe store. The partnership lasted for more than 40 years until the shoe store had to give away to the building renovations of the lessor.…

    • 614 Words
    • 3 Pages
    Good Essays

Related Topics