SWEDEN - The founder of IKEA and Ikano, and one of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away, at his home in Småland, Sweden, on the 27th of January.

Surrounded by his loved ones, he died at the age of 91, following a short illness.

Ingvar Kamprad was born in 1926 in Småland in southern Sweden. At the early age of 17 he founded IKEA - the business that became his lifelong commitment. Ingvar’s driving force was the vision of creating a better everyday life for the many people. He is also credited with the massification of RTA furniture (ready to assemble), which was decisive in reducing production, transport and storage costs, and therefore prices, in the furniture industry.

“We are deeply saddened by Ingvar’s passing. We will remember his dedication and commitment to always side with the many people. To never give up, always try to become better and lead by example”, says Torbjörn Lööf CEO and President of Inter IKEA Group.

Ingvar Kamprad was a great entrepreneur who worked until the very end of his life, staying true to his own motto that most things remain to be done. He was known for his frugality, he and his executives always traveled in coach and stayed at budget hotels.

Since 1988 Ingvar Kamprad did not have an operational role within IKEA but he continued to contribute to the business in the role of senior advisor, sharing his knowledge and energy with the IKEA co-workers.

“Ingvar’s extensive knowledge and engagement over the years have been a huge source of inspiration. His heritage is always with us and we will continue to constantly search for new and better ways – to find solutions that no one else has thought of and to do great things for the many people, together”, says Lars Thorsén, CEO of Ikano Group.