Swedish furniture retailer Ikea announced the appointment of Murali Iyer as its new chief financial officer for its India business.
Iyer takes over from Preet Dhupar who has moved into a global role within Ingka Group. Iyer will be part of the Ikea India leadership team reporting to the retailer’s India’s chief executive officer and chief sustainability officer Susanne Pulverer.
As the chief financial officer, Iyer will lead Ikea India’s CFO function with purpose towards profit, leading the finance controlling, business navigation, legal, tax, customs, and business risk and compliance teams, the retailer said in an announcement
“I am excited to begin my journey in Ikea India and contribute to its ongoing growth journey. We are focusing on our priority markets and building a strong home furnishings foundation through our omni-channel expansion to be more accessible, affordable, and sustainable for the many people," said Iyer.
Iyer comes with over two decades of experience across financial leadership, having worked with the Volvo Group in India and Sweden in multiple roles. With a keen business acumen and curiosity to learn, his experience across geographies and cultures has enabled businesses to overcome challenges for an inclusive growth, the company added.
In India, Ikea has three big format stores operational in cities of Hyderabad, Navi Mumbai and Bengaluru. A city center store opened in Mumbai in Dec 2021 and another one will open up later this year. Meanwhile, the retailer is also present online in Mumbai, Pune, Hyderabad, and Bengaluru.
In the financial year ended 31 March 2021, the furniture and home furnishings retailer reported a 7.36% growth in net sales at ?607.7 crore; the company’s net loss widened to ?807.5 crore in FY21 from ?720.7 crore in the previous year, according to business intelligence platform, Tofler.
