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IKEA India names Peter Betzel as new CEO

Peter Betzel, CEO, IKEA India
Image Courtesy: ikea-unternehmensblog.de

The Indian subsidiary of Swedish home furnishing mammoth IKEA has named Peter Betzel, known for his visionary leadership, deep understanding of the retail world, as its new CEO after Juvencio Maeztu moves into a global role as the CFO and Deputy CEO, IKEA Group. This was announced in a statement issued by the company recently.

The new CEO will be responsible for the expansion of the furniture retailer in India starting from the launch of its debut Indian store in Hyderabad this year.

Diversity and inclusion will be the major focus areas of the new CEO in the country as the company is planning to increase its workforce from 400 to 15,000 in the time to come.

According to the outgoing CEO Maeztu, Betzel is an ideal person to look after the company’s India operations.

IKEA is yet to disclose the final date to open its debut store in Hyderabad which was earlier speculated to be opened by early this year. Mumbai will host the second IKEA store next year, followed by Bengaluru and Gurgaon in the months to come. The firm has plans to invest Rs. 10,500 crores to open 25 retail stores by 2025 in India.

“I will be focussed to establish IKEA as a meaningful, loved and trusted brand in India which is a vibrant, multi-cultural, multi-faceted and a really exciting market for the furniture retailer,” Betzel, who has been with IKEA for more than 25 years was quoted as saying.

Markedly, the home furnishing retailer just announced the opening of day-care centres named as ‘DAGIS’ at IKEA campuses across the country. The initiative has been introduced for the children of all IKEA co-workers. The first DAGIS centre will come up inside the IKEA’s Hyderabad store.