ON MONDAY AFTERNOON in New York City, something unusual happened. Swedish furniture behemoth IKEA held an intimate preview of “Makerrad,” its upcoming housewares collaboration with fashion designer Virgil Abloh—and let the public in on the in-progress development of a rare marriage between souped-up streetwear and everyman furniture. When the partnership was announced last June, Mr. Abloh was more of a niche designer—his label Off-White is most popular with a younger generation that spends nearly as much on a hoodie as their fathers spend on a suit. On March 26 though, Mr. Abloh was appointed the creative director of...