Ingvar Feodor Kamprad

Ingvar Feodor Kamprad is the founder/ceo of IKEA, a retail company. He was born in Pjätteryd near the small village of Agunnaryd in Ljungby Municipality in the province of Småland, Sweden. His paternal grandfather was from Germany but moved the family to Sweden. Kamprad's second wife, Margaretha Kamprad-Stennert, died from an undisclosed disease in 2011 Kamprad owns a villa in upmarket Switzerland, a large country estate in Sweden, and a vineyard in Provence, France. Additionally, Kamprad was famous for driving a Porsche for several years.Kamprad has lived in Epalinges, Switzerland since 1976. He drives a 1993 Volvo 240, flies only economy class. He reportedly recycles tea bags and is known to pocket the salt and pepper packets at restaurants. He is known for purchasing Christmas paper and presents in post-Christmas sales. The firm he created is still known for the attention it gives to cost control, operational details and continuous product development, allowing it to lower its prices by an average of 2-3% over the decade to 2010, while continuing its global expansion.

Success of IKEA

The name IKEA was formed from Kamprad's initials (I.K.) plus the first letters of Elmtaryd and Agunnaryd, the farm and village where he grew up. He continued to expand his business to a variety of goods, including wallets, watches, jewelery and stockings. When he outgrew his ability to call on his customers individually, he converted to a sort of makeshift mail order operation, hiring the local milk van to make his deliveries.In 1947, Kamprad introduced furniture into the IKEA product line. The use of local manufacturers allowed him to keep his costs down. The furniture was a hit, and in 1951, Kamprad decided to discontinue all other product lines and focus on furniture. In 1953, the first IKEA showroom opened. It came about because of competitive pressures. IKEA was in a price war with its main competitor. The showroom allowed people to see it, touch it, feel it, and be sure of the quality before buying.IKEA has now become known worldwide for its innovative and stylish designs. Almost all IKEA products are designed to for flat packaging, which reduces shipping costs, minimizes transport damage, increases store inventory capacity, and makes it easier for customers to take the furniture home themselves, rather than needing delivery. But the original reason for it was competitive pressure from IKEA's competitors to their suppliers, who actually boycotted IKEA, forcing IKEA to do it themselves. Kamprad's vision has been the driving force behind IKEA's succcess. IKEA hires its own designers, who have received numerous awards over the years. Kamprad believes that the company exists not just to improve people's lives, but to improve the people themselves. The self-service store design and ease of assembly of their furniture are not merely cost controls, but an opportunity for self-sufficiency. This vision is reinforced in their advertising and catalog, as well.

He is a person who earns a lot and spends less. That makes people to earn more money, pay attention to each cent. People think he is cheap person, But it is not like that, We have to understand the value of money like him.