Before taking over as the new India CEO, Peter Betzel was heading the company’s largest market, Germany. Ikea is set to open its first store in India in Hyderabad in mid-2018, after spending six years understanding the country. On 23 February, Ikea India said it plans to invest Rs3,000-4,000 crore in Maharashtra over the next 2-3 years to set up multi-format stores and experience centres. The company is setting up small training centres for assembly close to its India stores. 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,” outgoing India CEO Maetzu said.

Source: Mint March 12, 2018 07:27 UTC