IKEA (Swedish: [ɪˈkêːa]; US: ) is a Swedish multinational conglomerate based in the Netherlands that designs and sells ready-to-assemble furniture, kitchen appliances, decoration, home accessories, and various other goods and home services. Started in 1943 by Ingvar Kamprad, IKEA has been the world's largest furniture retailer since 2008. The brand used by the group is derived from an acronym that consists of the founder's initials, and those of Elmtaryd, the family farm where he was born, and the nearby village Agunnaryd (his hometown in Småland, southern Sweden).The group is primarily known for its modernist designs for various types of appliances and furniture, and its interior design work is often associated with simplicity. In addition, the firm is known for its attention to cost control, operational details, and continuous product development that has allowed IKEA to lower its prices by an average of two to three percent.
As of March 2021, there are 422 IKEA stores operating in 50 countries and in fiscal year 2018, €38.8 billion (US$44.6 billion) worth of IKEA goods were sold. For multiple reasons, including lowering taxes payable, IKEA uses a complicated corporate structure.
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