New Delhi: Tim Cook, the CEO of Apple Inc., has planned a trip to inaugurate the iPhone maker’s first stores in India next week, highlighting the company’s goals for the nation as a growing market and manufacturing hub. According to persons with knowledge of the situation who asked to remain anonymous to discuss private arrangements, Tim Cook would probably preside over the launch of the twin stores in India’s financial and political capital.
Apple announced on Tuesday that two new locations will open in India on April 18 and April 20, respectively. The trip, which takes place seven years after the CEO’s first visit in 2016, coincides with significant milestones being reached by the most valuable corporation in the world, including record-breaking iPhone sales in India and record-high annual iPhone exports from that nation. (Also Read: FD Interest Rates For Senior Citizens 2023: These Banks Offer Rates Over 9%)
In light of tense relations between Beijing and Washington, Apple is relying on India to expand its assembly operations outside of China. (Also Read:
Cook plans to open the first Apple store in India within a posh mall in Mumbai’s Bandra Kurla Complex, or BKC as the area is known. A few days later, he plans to open the doors to the New Delhi store, which is located in an upscale mall in the Saket district. On Tuesday, the barriers around that store were removed.
The two locations have been in the works for a while because of India’s stringent regulations, which prohibit international businesses from operating own-brand stores unless they source a sizable percentage of their products domestically.
An email requesting comment on Cook’s visit received no immediate response from Apple.
In 2020, the company launched its online store in India. The nation is the second-largest smartphone market in the world and one of the fastest-growing, but in the 1.4 billion-person country where affordability plays a significant factor in buying decisions, Apple’s comparatively high sticker prices are still a disincentive.
According to one of the persons, Apple has requested that Cook meet with Prime Minister Narendra Modi between the openings of the two stores. The Modi administration has promoted electronic manufacturing and provided incentives worth billions of dollars to entice Foxconn Technology Group and Pegatron Corporation, two of Apple’s manufacturing partners.
During Apple earnings calls, Cook emphasized India’s significance as a market and production hub. Cook stated that Apple in the nation “reached a quarterly revenue record and increased very strong double digits year over year” during the most recent such conference.
On the call, Cook stated, “India is a highly exciting market for us and a significant emphasis.” “I have high hopes for India.”
(With Agency inputs)
