This furniture and furnishings company was founded in Sweden by Ingvar Kamprad.
The name IKEA was launched in 1943, deriving from the initials of Kamprad's name, town, and region. By 1950 the company had moved into furniture retailing, an area of corporate activity which assumed an increasingly dominant role.
IKEA's philosophy was encapsulated within its marketing strategy maxim ‘We shall offer a wide range of home furnishing items of good design and function, at prices so low that the majority of people an afford to buy them.’
The range of products is overseen by IKEA of Sweden with up to twenty designers employed on a full-time basis, with a further 100 designers, mainly Swedish, working around the globe. Although the products are generally characterized by a sense of value for money blended with practicality and style, there have been isolated attempts to present a more progressive aesthetic, most notably the PS (Postscript) Collection of 40 pieces designed by nineteen Scandinavian designers, which was launched at the Milan Furniture Fair of 1995.