Apple Set To Open Its First 2 Retail Stores In India Next Week — Decades After Entry

Author: Anusuya Lahiri | April 11, 2023 05:45am

• Apple Inc (NASDAQ:AAPL) braces to mark its retail store debut in India two decades after entering the South Asian nation.
• On Tuesday, the iPhone maker shared plans to inaugurate Apple BKC in Mumbai on April 18 and Apple Saket in Delhi on April 20, as first reported by Benzinga India.
• Apple has been actively recruiting employees in recent months. 
• The company, which launched its Indian online store in 2020, had initially planned to open its first retail location in 2021, but the pandemic forced a delay.
• Apple is also working to turn India into a critical global hardware manufacturing hub, thanks to New Delhi's incentives to manufacturers to expand their presence in the country.
• See Also On Benzinga India: Apple CEO Tim Cook To Touchdown In India For Flagship Store Launch, Talk Strategy With Ministers: Report
• Apple suppliers Hon Hai Precision Industry Co Ltd (OTC:HNHPF) Foxconn, and Wistron Corp (OTC:WICOF) have increased local assembly of iPhones and other Apple devices in recent quarters. According to a 2022 JP Morgan report, Apple will likely expand its manufacturing capacity in India to produce 25% of all iPhones by 2025.
• The launch highlights Apple's push to expand in the South Asian country likely to surpass China as the most populous nation this year. India's growing middle class is an attractive target group for the company's pricey smartphones and computers.
• Apple is seemingly making efforts to migrate more production from China to countries like India to tap its local manufacturing push, financial incentives, and relatively cheaper labor.
• Price Action: AAPL shares traded higher by 0.14% at $162.26 premarket on the last check Tuesday, according to Benzinga Pro.
• Read Next On Benzinga India: Apple Draws Battle Lines For Mumbai Store: Bars Amazon, Google, And 20 Others

 

Posted In: AAPL HNHPF WICOF