At the World Economic Forum in Davos, IKEA made it clear that India is not just another market for the Swedish furniture giant. It is personal. Speaking to Indian media, Ingka Group CEO Juvencio Maeztu said he is “emotionally biased” towards India, where IKEA is planning decades of growth as it steadily expands its presence.
“I am not objective, and India is deepening our heart, my family and myself,” Maeztu told CNBC, pointing to the company’s emotional and long-term connection with the country.
India: more than just a market
Maeztu, who took over as global CEO in November last year, said the focus is not on rushing growth or chasing quick profits, its choosing resilience over speed. “I have to put a disclaimer before answering, I am emotionally biased towards India,” he told The Economic Times when the conversation turned to the Indian market.
“But I am very happy with the journey we have had in India. It was me who promised years ago Rs 10,500 crore of investment that we did. Then we promised 30% local sourcing, and we did it. Then I promised gender equality, and we did it. I see India as a long-term journey,” he said.
"I am emotionally biased towards India. I lived there for six years. So I call myself India's ambassador in the business community. You have to be in India," says IKEA CEO pic.twitter.com/fLAuZ7Dngn
— Shashank Mattoo (@MattooShashank) January 21, 2026
He added that India demands patience and commitment. “When people ask me, ‘What is your plan?’, I say it depends on the timeline, because I see India at least for the next 100 years, if not more. And this is important, that to operate and to do business in India, you have to come for the long term. If you come to India with a short-term payback thing, India doesn’t need you.”
‘You cannot come to India with your pre-judgements,’ says IKEA CEO
Speaking to CNBC-TV18, Maeztu said IKEA has already built a “decent physical footprint” in India and is now moving into its next phase. The company has started online operations in cities like Tamil Nadu. India, he said, is entering a new chapter for IKEA, one that focuses on sustainable growth, deeper local partnerships and long-term consistency rather than quick wins.
In a volatile global environment, Maeztu said companies need to avoid panic and keep their eyes on the bigger picture. “You can panic in the short term, but it’s very important to zoom out and see the long term,” he said.
Maeztu also had a message for global executives planning to invest in India. He said success here requires humility and genuine curiosity. “You cannot come to India with your pre-judgements and biases,” he said. “You have to come with a genuine interest in understanding India from within, not from outside. I personally spent a lot of time on this.”
"You cannot come to India with your pre-judgements and biases. You have to come with a genuine interest in understanding India from within, not from outside. I personally spent a lot of time on this," says IKEA CEO advising global executives on investing in India pic.twitter.com/O0GZYQouI5
— Shashank Mattoo (@MattooShashank) January 21, 2026
The new chief executive of Ingka Group, IKEA’s biggest franchisee, believes that doing good for society and growing a business can go hand in hand. Maeztu told ET, the company is opening customer meeting points in different parts of the world, depending on what each market needs.
Some of these are traditional large-format stores, like the one IKEA opened in New Zealand a few weeks ago. Others are smaller, city-centre locations.
“We opened recently at Oxford Street (London), in Paris, in Shanghai,” he said, adding that IKEA is also moving into tier-two and tier-three cities with smaller store formats. Today, about 30% of IKEA’s sales come from online channels, while 70% still come from physical stores.