Swedish home furnishings company IKEA has appointed Peter Betzel as the new chief executive officer (CEO) for its India business. He will be based in Bangalore.
Previously, Betzel was heading the company's largest market, Germany. He takes over from the outgoing India CEO, Juvencio Maeztu. Maeztu will now move into a global role as the chief financial officer and deputy CEO, IKEA Group (INGKA Holding B.V).
Maeztu, says in a press note, "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, Betzel 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."
According to the press note received, Betzel 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, Betzelwas the country manager of IKEA Spain. In India, apart from the growth- intensive plan, Betzel 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. Betzel joined the company in 1993.
Speaking on his new role, Betzel, says, "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."