Peter succeeds Juvencio Maeztu who moves on as CFO and Deputy CEO, IKEA Group (INGKA Holding B.V)
Chennai, March 14, 2018: IKEA, the Swedish home furnishings company, today announced the appointment of Peter Betzel as the new Chief Executive Officer (CEO) for its India business. Peter, an experienced IKEA leadertakes 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 prior to India was heading the IKEA Group’s largest market Germany, 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.Prior to leading Germany, Peter was the Country Manager of IKEA Spain. 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. These values are what makes IKEA a unique place to work for and associate with, for co-workers and partners across geographies.
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.”
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 ina unique global shopping experience offering good quality and affordable home furnishing products to a diverse set of consumers across the country.”
During his 25 years with IKEA, Peter has had extensive store management experience, which he believes is the best platform to understand the core values of the business. He has in-depth experience in driving business growth in different markets and has ambitious plans to lead the India story to success. Both people and business growth are high on Peter’s agenda, as he takes on the challenge of expanding and leading IKEA’s business in India. Peter lives with his family in Bangalore, India.
IKEA offers well-designed, functional and affordable, high-quality home furnishing, produced with care for people and the environment. There are several companies with different owners, working under the IKEA Brand, all sharing the same vision: to create a better everyday life for the many people. IKEA was founded in Sweden in 1943.
About IKEA India:
The IKEA vision is to create a better everyday life for the many people and we offer well-designed, functional and affordable, high-quality home furnishing, produced with care for people and the environment. There are currently 403 IKEA stores in 49 countries with a sales volume of 38.3 billion euros. 936 million customers visited IKEA stores in FY17 and more than 2.3 billion people visited IKEA online. Our 194,000 co-workers from all over the world are the inner strength of IKEA, sharing fundamental humanistic values of togetherness, humbleness, simplicity, cost-consciousness and common sense.
IKEA has been sourcing from India for over 30 years for its global stores. It currently has 50 suppliers with 45,000 direct employees and 400,000 people in the extended supply chain. The IKEA Group is the first major single-brand retailer to get FDI approval and plans to open several stores across the main metro cities in India.