IKEA, the Swedish home furnishings company, has announced the appointment of Peter Betzel as the new Chief Executive Officer for its India business. Peter 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 prior to his assignment in India, will take the lead in IKEA’s expansion in the company, beginning with the upcoming launch of the first IKEA store in the country in Hyderabad this year. 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.

Betzel 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 the 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 grows its workforce from 400 to 15,000 in 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.

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.”

Peter Betzel said, "India is a vibrant, multi-cultural, multi-faceted and a really exciting market for IKEA. From what I have observed in the little time that I have spent here – people are warm, hospitable and ready to experiment with their home and surroundings. They want to have a good lifestyle and that is evident from 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.” During his 25 years with IKEA, Peter has had extensive management experience.

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