Apple Inc. is on the verge of opening its inaugural retail store in India, marking a significant milestone for the company as it invests heavily in the South Asian country’s manufacturing and sales potential. The firm recently shared a photo of the barricade outside the store in Mumbai’s financial district, but withheld the opening date.
Located in an upscale shopping centre owned by billionaire Mukesh Ambani, the store will neighbour multinational banks in the heart of Mumbai’s business district. This move signifies Apple’s commitment to growth in India, which is expected to surpass China as the world’s most populous nation this year. With a burgeoning middle class, India presents an enticing market for Apple’s high-end smartphones and computers. In response, the company is also expanding its manufacturing operations in the nation.
Additionally, Apple is constructing a retail location in New Delhi. The US tech giant recently reorganised its international management to emphasise the importance of the Indian market. This strategic shift, aided by online sales, resulted in record revenues in the quarter ending December. CEO Tim Cook likens Apple’s current focus on India to its early growth in China.
In a bid to diversify production, Apple has been steadily transferring manufacturing from China to countries like India. Encouraged by Prime Minister Narendra Modi’s domestic manufacturing initiatives, financial incentives, and relatively lower labor costs, key Taiwanese suppliers Foxconn Technology Group, Pegatron Corp., and Wistron Corp. have increased iPhone production in India.
