Definitions for IKEA
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An international, originally Swedish home products retailer that sells modern, utilitarian design furniture, much of which is assembled by the consumer.
Origin: The initials of the Swedish founder's name, Ingvar Kamprad, of his home village Elmtaryd (now spelled Älmtaryd), and of the nearby village Agunnaryd
IKEA is a privately held, Dutch company with Swedish origins, that designs and sells ready-to-assemble furniture, appliances, and home accessories. The company is the world's largest furniture retailer. Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, who later became one of the richest people in the world, the company's name is an acronym comprising the initials of Ingvar Kamprad, Elmtaryd and Agunnaryd. The company is known for its modern architectural designs on various types of appliances and furniture, often associated with a simplified eco-friendly interior design. In addition, 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 average of two to three percent over the decade to 2010, while continuing its global expansion. As of October 2011, IKEA has 332 stores in 38 countries. In fiscal year 2010, it sold $23.1 billion worth of goods, a 7.7 percent increase over 2009. On February 17, 2011, IKEA announced its plans for a wind farm in Dalarna County, Sweden, furthering the furniture giant's goal of running on 100 percent renewable energy. In mid-August 2012, the company announced that it will be establishing a chain of 100 economy hotels in Europe but, unlike its few existing hotels in Scandinavia, they will not carry the Ikea name nor will they use Ikea furniture and furnishings – they will be operated by an unnamed international group of hoteliers.
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