00:00Up until this point, Ikea had primarily focused on selling basic furniture,
00:04but there was a growing demand for home decor items
00:07that could help customers add personality to their spaces.
00:10To meet this need, Ingvar created a new brand called Lack,
00:14which offered a wide range of home decor products like curtains, lamps, and vansies.
00:18This proved to be a smart move because it allowed customers
00:21to complete their shopping all in one place.
00:23In 2007, Ingvar sold his stake in the company to a charity organization,
00:28and he stepped down as CEO.
00:31This may have seemed like a sudden move, but in reality,
00:34it was the culmination of a plan that he had been working on for years.
00:38In 1980, he had established a foundation that oversaw his personal investments
00:43and donated a portion of his profits to charity.
00:46But with his exit from the company, he transferred the remaining shares to the foundation,
00:51which meant that his family would no longer benefit financially from his success.
00:55Instead, the money would go towards supporting various causes around the world.
01:00You
Comments