Apple sees the country as its next growth market.
Apple Inc.’s CEO, Tom Cook, formally opened the company’s first store in India, anticipating that the iPhone maker’s retail locations will aid in increasing sales.
Apple is aiming for a nation with 1.4 billion residents to boost global revenue growth and diversify its manufacturing operations away from China.
The company’s sales in India reach a new high.
After a protracted period and after fulfilling all legal criteria, including some local product purchases, Apple has finally established stores in India.
Apple has recognized India’s expanding middle class as a lucrative market as the demand for technology declines globally. As a result, the company is accelerating production there even as sales in the country reached a record high of nearly $6 billion in the year ending in March.
The retail drive will take place in tandem with Apple’s growth in domestic production; last year, the company increased iPhone production in India to more than $7 billion as part of a move to lessen reliance on China as tensions between Washington and Beijing continue to rise.