Apple is excited to build on its over 25-year history in India, chief executive Tim Cook said on April 17, as the company gears up to open its first company-owned stores in the country.
"India has such a beautiful culture and an incredible energy, and we’re excited to build on our long-standing history — supporting our customers, investing in local communities, and working together to build a better future with innovations that serve humanity" Cook said.
Apple is gearing up to open its much-anticipated retail store Apple BKC in Mumbai on April 18, marking a significant expansion of its operations in the country that is becoming increasingly important for its future growth.
The iPhone maker also announced plans to open its second store in Delhi on April 20, in addition to unveiling the barricade for the outlet named Apple Saket. The company said that its design is inspired by Delhi's many gates, each signifying a new chapter to the city's storied past.
These retail stores mark Apple's growing ambitions in the country, which is emerging as a key market in terms of sales and manufacturing capabilities. In addition, there is a growing trend among Indian consumers towards premiumisation.
In recent quarters, Apple executives have mentioned several times that they are witnessing record revenue growth in terms of iPhone sales in India, registering a strong double-digit increase every quarter.
Apple chief executive officer Tim Cook stated during the company's earnings conference call in February 2023 that India is a "hugely exciting market" for the Cupertino tech giant, and the iPhone maker is putting a lot of emphasis on the world's second-largest mobile phone market.
Apple also witnessed "record levels" of people switching to iPhone in the country, Cook said.
Cook said they are taking several measures to grow the iPhone adoption in the country by making it more affordable through various financing options and trade-ins. The company introduced its online store in India in 2020.
Apple is currently the leader in India's premium smartphone market (above Rs 30,000) and the country's smartphone market in terms of shipment value in Q4 2022, according to the market research firm Counterpoint Research. It clocked record shipments of over 6.5 million in 2022, registering a 16% growth YoY, the firm noted.
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