Tim Cook to open first Apple retail stores in India next week, signaling growth ambitions in emerging market.
Ira Singh
15 April’23
Apple CEO Tim Cook has long been focused on expanding the company’s presence in emerging markets, and this week, he took a major step in that direction by announcing the opening of the first Apple stores in India. The move marks a significant pivot for Apple, which has long relied on China as a key market for its products.
Apple’s entry into the Indian market comes at a time when the country’s technology sector is booming. India is home to a number of fast-growing tech startups, and companies such as Amazon and Google have also been investing heavily in the country. With the opening of its first retail stores, Apple is signaling its intention to be a major player in India’s tech landscape.
The move into India comes as Apple has been seeking to diversify its revenue streams beyond China, where the company has faced a number of challenges in recent years. The ongoing trade war between the US and China has put pressure on Apple’s supply chain, while the company has also faced increasing competition from local Chinese smartphone makers.
India, on the other hand, presents a huge opportunity for Apple. The country has a population of over 1.3 billion people, many of whom are rapidly adopting smartphones and other digital devices. Apple has been seeking to tap into this market for some time, but has faced a number of obstacles, including strict regulations on foreign investment and the lack of a strong retail presence.
The new stores will be located in Mumbai and New Delhi, India’s two largest cities, and will offer customers the opportunity to experience Apple’s products firsthand.The stores are expected to be similar in design and layout to Apple’s other retail stores around the world, with a focus on creating an immersive and engaging customer experience.
The Cupertino giant will open a store in Mumbai on 18 April’2023 and in the Indian capital New Delhi on 20 April’2023.
The company is also planning to launch an online store in India later this year, according to sources.
In a statement, Cook said that he was “thrilled to announce the first Apple stores in India,” adding that the company was “looking forward to working with local partners and customers to bring the best of Apple to India.”
According to recent reports,Apple is also working to turn India into a key global hardware manufacturing hub, thanks in part to the incentives New Delhi is offering to manufacturers to expand their presence in the country.
In preparation for the store openings, Apple has been actively recruiting employees in recent months, according to growing job postings. The company, which launched its Indian online store in 2020, had initially planned to open its first retail location in 2021, but the COVID-19 pandemic forced a delay, according to sources.
The company’s contract manufacturing partners, Foxconn and Wistron, have increased local assembly of iPhones and other Apple devices in recent quarters. According to a report by JP Morgan analysts last year, Apple is expected to expand its manufacturing capacity in India to produce 25% of all iPhones by 2025.
Cook has previously stated that he believes India will be the company’s next big growth market. With the new stores, Apple is taking a major step toward realizing that vision. However, the company will also face a number of challenges in India, including the highly fragmented retail market and the complex regulatory environment.