Ikea appoints Peter Betzel as CEO for Indian market

Swedish home furnishings firm has named Peter Betzel as the new chief executive officer for the India market. He will take over from Juvencio Maeztu who has been elevated to a global role as the CFO and deputy CEO, Ikea Group.

Betzel takes over at a crucial stage as Ikea is about to start its operations in India and will be responsible for leading the company’s launches and expansion across the country. The firm is expected to launch its first store in the coming months in the city of Hyderabad where it already has a HEJ (Hello) store.
“Over the last six years we have set up a strong foundation for Ikea’s presence in India. We are now ready to open our doors to enable Indians to create a better everyday life at home for themselves. To materialise our long-term vision for India, Peter is the best person to lead Ikea in India in the next phase as he is known by his visionary leadership, deep understanding of the retail world and his focus on both people and business together,” said outgoing CEO of Ikea India, Juvencio Maeztu in a statement.
Commenting on his appointment Betzel said, "India is a vibrant, multi-cultural, multi-faceted and a really exciting market for Ikea. As I start my new role, I look forward to establishing the company as a meaningful, loved and trusted brand. I will be working with the local teams to bring in a unique global shopping experience offering good quality and affordable home furnishing products to a diverse set of consumers across the country,”.
Betzel has been with Ikea for more than two decades holding top positions in the company across all verticals. Ikea is expected to open three flagship stores in India this year, one each in Hyderabad, Mumbai and Bengaluru.

Ikea has set a target of 25 stores by 2025 for the Indian market with an investment of Rs10500 crore (approx $ 1.62 billion) on the same.

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