Tech giant Apple is all set to launch its first online store in India next month, Bloomberg reported. This would officially mark its first-party presence in the country, with the Mumbai store still under development and set to debut in 2021. Currently, the iPhone maker sells its products in India via third-party sellers.
This development follows the government's decision last year to ease foreign investment rules in sectors like coal mining, contract manufacturing and single-brand retail trading. As part of the relaxations, the Centre had said that retail trading through e-commerce can be undertaken prior to opening of brick and mortar stores, subject to the condition that companies open brick and mortar stores within two years from date of start of online retail.
India being one of the biggest smartphone markets in the world, several companies including Apple have had their eyes set on the opportunities available here.
The report noted that online store will be up and running in time for the festive season and Diwali. The company's plan to launch its online store in India between January and March was disrupted due to the coronavirus pandemic.
Additionally, the Silicon Valley tech major is also looking to set up a second brick-and-mortar store in India's IT city Bengaluru. The company's outlet at the Bandra-Kurla Complex (BKC) in Mumbai is set to be its first physical store in India.
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