IKEA is a privately held, international home products company that designs and sells ready-to-assemble furniture such as beds and desks, appliances and home accessories. The company is the world's largest furniture retailer.
Founded in 1943 by 17-year-old Ingvar Kamprad in Sweden, the company is named as an acronym comprising the initials of the founder's name (Ingvar Kamprad), the farm where he grew up (Elmtaryd), and his home parish (Agunnaryd, in Småland, South Sweden).
The firm is known for the attention it gives to cost control, operational details and continuous product development, allowing it to lower its prices by an of average 2 to 3% over the decade to 2010, while continuing its global expansion
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