By Apple‘s two company-owned stores in India, which just marked their first year, have both raked in substantial earnings of Rs 190-210 crore during the last fiscal year, ranking them among the iPhone manufacturer’s leading retail outlets globally.
According to an industry source cited by ET, “Both Apple stores have consistently recorded average monthly sales of Rs 16-17 crore each since opening. The Mumbai store’s revenue has been slightly higher than the Delhi location due to its larger size.”
The insider further mentioned, “The performance has aligned with Apple’s expectations, rivaling some of the best store openings, and they are now actively seeking locations for the next three company-owned stores.”
Apple’s Expansion in India
- Apple’s CEO, Tim Cook, was present at the launches of the Mumbai (Apple BKC) and New Delhi (Apple Saket) stores on April 18 and 20, respectively.
- The company is in advanced talks to open outlets in Pune, Bengaluru, and a second store in Noida, NCR, all in prominent malls, as confirmed by two industry executives.
- One executive noted Apple waited a full year of operations at its initial two Indian stores before confirming expansion plans.
- Another executive indicated Apple has plans to broaden its presence in India, stating, “Apple won’t be satisfied with just two stores in a market like India. Expansion is inevitable, and it’s a matter of when, not if.”
- The company may introduce its premium mixed-reality headset, the Apple Vision Pro, in India soon, possibly during the upcoming WWDC developer conference in June.
Apple is concentrating on India, the world’s second-largest smartphone market, as it encounters hurdles in key markets like the US and China. The company is boosting its local manufacturing operations for both domestic and export use. Opening Apple stores is a significant part of its expansion plan in India. Since the stores launched, Apple has seen double-digit revenue growth every quarter.
The retail outlets help Apple increase its volume and value share in India. The goal is to swiftly reach a double-digit smartphone volume market share, up from roughly 7% in 2023.
Industry insiders say the stores offer customers a space to experience products, access service, and get answers. High foot traffic, especially on weekends, is due to these being the first Apple stores in India.
