Swedish furnishings company IKEA appoints Peter Betzel as the new India CEO

Peter Betzel will lead IKEA’s expansion into India, beginning with the upcoming launch of the first IKEA store in Hyderabad, this year.

IKEA India, today afternoon, announced Peter Betzel's appointment as the new CEO for IKEA India. He will be replacing Juvencio Maeztu, who will be now heading to global role as the CFO and Deputy CEO, IKEA Group.

Peter was heading the IKEA Group’s largest market, Germany, prior to joining India. He will take the lead for IKEA’s expansion into India beginning with the upcoming launch of the first IKEA store in Hyderabad this year.

According to the company statement released, “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.”

Betzel says, “People here 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.”

Outgoing CEO, IKEA India, Juvencio Maeztu, said, “To materialize 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.”

Peter’s 25 years stint at the IKEA, shows that he has had an extensive store management experience, which he believes is the best platform to understand the core values of the business.

The new CEO added, “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.”

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.

He also 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 Bengaluru.