Apple’s India Stores Among Its Top-Performing Retail Outlets Globally

Apple’s two India-based company-owned outlets each reported revenue of INR 190-210 Cr in the fiscal year ended March 31, 2024 (FY24),  emerging as the top-performing retail outlets of the iPhone maker globally.

As per ET’s report, citing an industry executive, the two Apple stores in Mumbai and Delhi have consistently logged monthly average sales of INR 16-17 Cr since their launch.

Inc42 has reached out to Apple for comments. The story will be updated based on the response.

The Mumbai store Apple BKC’s revenue was a little higher than Delhi store Apple Saket due to a larger size.

The report further said Apple is in advanced talks to set up three more India-based company-owned stores in Pune, Bengaluru and a second outlet in Delhi-NCR region.

However, as per Bloomberg’s report in June last year, Apple was not exploring any other sites other than Mumbai and Delhi-NCR for its next stores. 

The ET report, citing another industry executive familiar with the matter, also said that the tech giant could soon roll out its premium mixed-reality headset, Apple Vision Pro, in India, presumably during the upcoming WWDC developer conference, slated for June. 

Apple’s aggressive expansion spree in India comes at a time when iPhone sales in China and the US have shrunk.

In the wake of rising labour costs and the ongoing trade war between Washington and Beijing, Apple is shifting half of its supply chain from China to India.

Apple already manufactures 14% of its flagship devices in India, or roughly 1 in 7 iPhones. The retail stores are in line with the tech giant’s plans to expand its market share in India.

The Cupertino-headquartered company is vying for a double-digit smartphone volume market share in India in near future as against 7% in 2023. 

Further Apple is also doubling down on its domestic manufacturing and is in advanced talks with Murugappa Group and Tata Group’s Titan to make iPhone camera modules in the country.

Moreover, iPhone assemblers and suppliers Foxconn, Tata and Salcomp, are planning mass housing for their employees, with plans underway to build 78,000 housing units, a majority of which will come up in Tamil Nadu.

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