Apple has opened its first store in India as the US Big Tech company uses global expansion to address flagging sales growth.
The company’s first India store, called Apple BKC, opened in Mumbai on the 18th April, 2023 with another store opening planned in the country’s capital Delhi on the 20th April, 2023.
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Apple suffered flagging sales growth in 2022 across all its product lines. In addition, Apple’s first quarter financial results for 2023, posted quarterly revenue of $117.2bn, down 5 percent year-over-year. The company will use expansion into emerging markets as a growth strategy.
The strengthening of Apple’s shop window presence in India follows the company’s decision to establish a manufacturing base in the country. Supply chain problems and geopolitical tensions have seen Apple move manufacturing of its iPhone product away from China to India.
The company reportedly makes to 7% of its iPhones in India, a significant leap since its estimated production of 1% in 2021, according to a Bloomberg report on 13th April, 2023.
While the Americas represent the biggest sales market for Apple by some way, the company has an opportunity in Asia to increase its market share.
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By GlobalDataDeirdre O’Brien, Apple’s senior vice president of retail said: “Apple BKC is a reflection of Mumbai’s vibrant culture and brings together the best of Apple in a beautiful, welcoming space for connection and community.”
