According to an report, Apple has requested that about two dozen brands, including Amazon, Facebook, Google, LG, Microsoft, Sony, and Twitter, among others, be kept out of its exclusive zone in the Reliance Jio World Drive Mall in Mumbai, where its store is set to be inaugurated soon. Apple has reportedly signed a lease for more than 11 years and rented out 20,800 sq ft of floor space, along with a 2% revenue share for 36 months and 2.5% after that. The Mumbai store is said to be launched soon, subject to the availability of global Apple executives and may be attended by Apple CEO Tim Cook. The second store in Delhi’s Select Citywalk Mall may also open later this month, as the store is said to be ready.
According to Apple CEO Tim Cook’s statement during the company’s Q1 2023 earnings call, Apple posted its highest-ever iPhone revenue in India, which indicates a significant increase in iPhone sales in the country. Additionally, the installed base of active iPhones in India showed double-digit growth, which is a positive sign for Apple’s growth in the country. Cook also mentioned the continued adoption of various services like Apple Business Essentials, AppleCare, Tap to Pay, and Apple Financial Services, which suggests that Apple’s services business is also growing in India.
Apple has been increasing its manufacturing efforts in India in recent years, as part of its broader strategy to diversify its supply chain and reduce reliance on China. In December 2022, the company reportedly exported iPhones worth $1 billion from India, making up a significant portion of the country’s total smartphone exports by value during that month. Apple has also been seeking to expand its retail presence in India, with plans to open several new company-owned stores in major cities across the country.