IKEA India appoints Peter Betzel as new CEO
By Satarupa Chakraborty | March 14, 2018
Peter brings his 25 years of experience with the global furniture retail giant to head the overall business in India and he will spearhead IKEA’s initial retail set up, retail expansion and workforce growth. Prior to this role, Peter was handling two of very important markets of IKEA, Germany and Spain, respectively.
IKEA, the Swedish home furnishings company, has announced the appointment of Peter Betzel as the new Chief Executive Officer (CEO) for its India business. Peter, an experienced IKEA leader takes over from the outgoing India CEO Juvencio Maeztu, who moves into a global role as the CFO and Deputy CEO, IKEA Group (INGKA Holding B.V).
Peter Betzel, who was heading the IKEA Group’s largest market Germany after handling the Spain business in his previous roles, will take the lead for IKEA’s expansion into India beginning with the upcoming launch of the first IKEA store in the country in Hyderabad in 2018. India is marked as one of IKEA’s most important growth markets and the company has committed large investments to India. Peter is known for his leadership skills and ability to drive growth in diverse markets. He has also been a champion of sustainability and one of his many achievements is delivery of one of the most sustainable IKEA stores in the world, at Kaarst Germany. In India, apart from the growth- intensive plan, Peter sees “Diversity” and “Inclusion” as key topics to focus on, as the company will grow its workforce from 400 to 15,000 the coming years.
Commenting on his appointment Peter Betzel, CEO IKEA India, said, "India is a vibrant, multi-cultural, multi-faceted and a really exciting market for IKEA. From what I observed in the little time that I have spent here – people here are warm, hospitable and ready to experiment with their home and surroundings. They want to have a good lifestyle and that is evident with the passion they display in the way they work and live. As I start my new role, I look forward to establishing IKEA 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.”
Outgoing CEO, IKEA India, Juvencio Maeztu, said, “Over the last six years, we have set up a strong foundation for IKEA’s presence in India. We are now ready and excited to open our doors to enable Indians 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.”