Apple's sales in India hit record $9B last fiscal year
What's the story
Apple's sales in India reached an all-time high of nearly $9 billion in the last fiscal year, according to a report by Bloomberg. The impressive growth, a 13% increase from $8 billion the previous year, is largely attributed to strong demand for iPhones and MacBooks. The company is expanding its retail presence in India with new stores and initiatives like student discounts to counter high taxes.
Market resilience
Strategy shift from China to India
The surge in sales comes as Apple faces stagnant mobile device sales globally and geopolitical uncertainties in China. Despite India still being a small part of its overall business, the company is investing heavily in the country, which it sees as a potential key market in the coming years. This strategy is especially crucial given China's volatile consumption patterns and geopolitical climate.
Growth strategy
Retail expansion in the country
As part of its retail expansion in India, Apple recently opened two new stores in Bengaluru and Pune. The company also plans to open an outlet in Noida and another one in Mumbai early next year. iPhones, which many Indians consider a status symbol, currently hold about 7% of the local smartphone market.
Market penetration
Apple's journey in India
Apple launched its online store in India in 2020 after local sourcing requirements had kept it from opening iconic stores for years. The company's CEO Tim Cook inaugurated the first two physical stores in Mumbai and New Delhi in 2023. Since then, Apple has expanded its retail network across the country and added more premium resellers to boost sales despite high taxes making iPhones expensive.