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Apple Moves Into India

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Apple Moves Into India

After years of selling its products to the Indian public through third-party firms, Apple Inc. (NASDAQ: AAPL) is finally pushing to open its own stores in India, the Wall Street Journal has reported. The Fruit filed for an application with the Trade Ministry under the name Apple India Private Ltd., suggesting that an Apple store could be on its way in the near future.

Increasing Visibility

Apple has been under pressure recently as the company's sales began to taper off and investors started to worry. Apple executives have been working to increase their focus on India over the past year as the company's sales in that market surpassed $1 billion for the first time in March 2015.

In order to gain more attention, Apple has stepped up marketing in India and widened its retail network. Now, it appears the company is looking to capitalize on its newfound popularity by opening its own stores in the Asian country.

Related Link: Donald Trump Says He'd Make Apple Build In U.S.

Important Market

Rising sales in the country prompted Apple execs to note the importance of the Indian market in past earnings calls, but the Trade Ministry application marks the first real step Apple has taken to enter the nation's market directly.

Many believe that Apple's push into India is a wise move considering the rapid growth of the nation's smartphone market. Research firm IDC said that data shows that India's smartphone market will likely overtake the US as the world's second largest by 2017, so a presence there is essential.

The application will take time for the Trade Ministry to process and it remains unknown just how much Apple plans to invest in opening Indian stores, but many are expecting to hear further details in the coming weeks.

Posted-In: Apple Store IndiaNews Emerging Markets Top Stories Markets Tech Best of Benzinga

 

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