Jan 28 2018

Ingvar Kamprad, founder of IKEA, dies at home

Ingvar Kamprad, the man behind the world’s largest furniture company, died on Saturday at his home in Sweden.

The New York Times’ obituary for Kamprad, described a man who hid his billion-dollar fortune behind tax shelters and responded his fascist past in an ordinary man’s humility.

Kamprad managed a public profile based on frugality, the paper said, just as his customer profile; he flew on economy, drove an old car and said he had no real fortune.

But IKEA, the Swedish billion-dollar-worth brand as we know it, is actually owned by a Dutch charitable, then run by a Lichtenstein company registered in Luxembourg —to avoid taxes and keep the control of the company with his family.

He also lived in a villa, owned vineyards and drove a Porsche too, The New York Times noted.

In 1994, Kamprad was revealed to have sympathised with fascism at a young age. He responded by a humble letter to all IKEA workers, quoted by the newspaper as saying, “a part of my life which I bitterly regret.”

More research founded out his deeper involvement in the Nazi movement, that he raised funds and recruited members, as well his praise for its leaders as late as 2010.

IKEA entered Turkish market in 2005. Today, five of its 411 stores worldwide are in the country.

It has a popular profile in Turkey, targeting upper middle class, like it does in most of the developing world it reaches.

Following its founder’s death, the company’s Turkish franchise released a statement on Instagram, expressing condolences for the IKEA family.