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He got the idea as he watched an employee taking the legs off a table to fit it into a customer's car and realised that saving space meant saving money.
The retailer is now heading for 50 billion euros ($62 billion) in annual revenues.
"One of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away, at his home in Smaland, Sweden, on the 27th of January," the company said.
Born on March 30, 1926, in southern Sweden, Kamprad started off selling matches to neighbours at the age of five and soon diversified his inventory to include seeds, Christmas tree decorations, pencils and ball-point pens.
"He worked until the very end of his life, staying true to his own motto that most things remain to be done."