Apple plans to open its first store in India next month allowing the Cupertino giant to sell Apple products directly in the country.
According to the report published by Bloomberg, Apple was planning to set up its stores in India last year after the country relaxed its rule that required foreign companies to source 30% of the components locally. However, these plans were disrupted by the coronavirus pandemic.
Currently, Apple sells all its hardware through third-party retailers including Flipkart, Amazon and Paytm Mall. Furthermore, the company sells its hardware offline through the Imagine store but is planning to open offline stores in the country. Apple is eying a half a million square feet space in Bengaluru which is expected to be the location for the company's second store, following the first physical outlet in Mumbai. While physical stores will open next year, Apple's online store is expected to open its doors in September, just in time for the festival season in India. Apart from Apple's retail expansion in India, the company is also assembling its newest iPhones in India through Foxconn and Wistron.
Apple has dominated India's premium smartphone market and currently holds 48.8% of the market in the second quarter of 2020, according to IDC's report. The research firm also noted that 28% of iPhone's market share comprised of iPhone 11 and iPhone XR indicating an increase in demand for Apple's expensive offerings in India.