Apple Opens Indian Stores as In-Country Sales Hit $6 Billion

Apple’s Indian sales have reportedly jumped almost 50% amid a retail push in that country.

A report by Bloomberg News Monday (April 17) citing unnamed sources said the company had seen sales of almost $6 billion in the year through March. The report notes that Apple is scheduled to report its quarterly earnings May 4 and has indicated it anticipates a decline in its worldwide revenue.

To combat that drop, Apple CEO Tim Cook is headed to India to christen the company’s first brick-and-mortar stores in the country.

Apple announced Sunday it was previewing Apple BKC in Mumbai, named for the city’s Bandra Kurla Complex financial, arts and entertainment district. The store is due to open Tuesday (April 18), the company said.

“Apple BKC will serve as a dynamic space where customers can come together, explore Apple products and services, enjoy exceptional service, and learn how to get more out of their devices through free Today at Apple sessions,” Apple said in a news release.

According to the Bloomberg report, Apple — seeing tech demand diminish — is looking to India and its growing middle class as a chance to boost sales.

As PYMNTS reported last month, Apple has reportedly considered a major expansion in India, including possibly moving some of its iPhone production operations there.

Earlier this year, the company predicted a drop in demand for iPhones when it released quarterly earnings, a projection in keeping with a forecast from the research firm Gartner, which projected a decline in sales of smartphones and PCs.

The Gartner report was followed by research released last week by market research firm IDC showing a 29% drop in shipments of personal computers (PCs) during the first three months of the year.

“Weak demand, excess inventory, and a worsening macroeconomic climate were all contributing factors for the precipitous drop in shipments of traditional PCs during the first quarter of 2023,” IDC said in a news release.

Out of the five companies featured in the report, Apple took the largest hit, with shipments falling 40.5% during the quarter. Dell came in second place with a 31% decline.

“Though channel inventory has depleted in the last few months, it’s still well above the healthy four to six week range,” said Jitesh Ubrani, research manager for IDC’s Mobility and Consumer Device Trackers.

“Even with heavy discounting, channels and PC makers can expect elevated inventory to persist into the middle of the year and potentially into the third quarter.”