When did Scandinavian retailer IKEA open?
IKEA is a European multinational group that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods and occasionally home services.
Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, IKEA has been the world's largest furniture retailer since 2008.
According to the Bloomberg Billionaires Index, as of January 2018, Kamprad was the eighth richest person in the world, with an estimated net worth of US $58.7 billion.
The company's name is an acronym that consists of the founder's initials ('Ingvar Kamprad') plus those of Elmtaryd, the family farm where he was born, and the nearby village 'Agunnary'.
In addition, the firm is known for its attention to cost control, operational details, and continuous product development that allowed IKEA to lower its prices by an average of two to three percent.
The IKEA group has a complex corporate structure, which members of the European Parliament have alleged was designed to avoid over €1 billion in tax payments over the 2009–2014 period. It is controlled by several foundations based in the Netherlands and Liechtenstein.
As of June 2019, there are 433 IKEA stores operating in 52 countries and in the fiscal year 2018, €38.8 billion (US$44.6 billion) worth of IKEA goods were sold.