IKEA

IKEA (/aɪˈkiːə/ eye-KEE-ə, Swedish: [ɪˈkêːa]) is a multinational conglomerate founded in Sweden that designs and sells ready-to-assemble furniture, household goods, and other related services. IKEA was founded in 1943 by Ingvar Kamprad, and has been the world's largest furniture retailer since 2008. The brand name is an acronym of the initials of the names of Ingvar Kamprad, the founder, Elmtaryd, the family farm where Kamprad was born, and Agunnaryd, Kamprad's hometown in Småland, southern Sweden. The company is primarily known for its modernist furniture designs, simple approach to interior design, and immersive shopping concept, based around decorated room settings within big-box stores, where customers can interact with products. In addition, the firm is known for its ready-to-assemble model of furniture sales, continuous product development, and attention to cost control other elements which have allowed IKEA to establish lower prices than its competitors. IKEA's operational hub is located in Älmhult, in Småland, Sweden, where much of its core operations are based, including product development, design, range management, and global supply chain and sourcing. It is also the site of the first IKEA store and the IKEA Museum. To support these operations with better international accessibility, IKEA established Hubhult in Malmö. Opened in 2015, this facility serves as a major corporate meeting and digital hub, housing large portions of the company's retail management, commercial leadership, and global web operations. IKEA is owned and operated as a series of not-for-profit and for-profit corporations collectively known and managed as Inter IKEA Group and Ingka Group.