Sales in India rise 51% YoY in fiscal 3Q16
In fiscal 3Q16, Apple (AAPL) CEO Tim Cook visited India and China. Cook stated that he is confident about the long-term prospects in these countries. Apple recently opened its 41st retail store in Greater China and invested $1 billion in DidiChuxing. India is one of the fastest growing markets for the iPhone. Sales in the country rose 51% YoY (year-over-year) in the last quarter.
According to Counterpoint Technology Market Research, India (EPI) recently overtook the United States to become the second-largest smartphone market after China. Research firm Canalys stated that Apple is the second-fastest growing smartphone manufacturer in India. According to AppleInsider, “Apple has signed a lease for over 40,000 square feet of office space for its planned Design and Development Accelerator in Bengaluru, India.”
In June 2016, India announced the relaxation of local sourcing rules for Apple. Apple can now open its own retail stores in India, which will boost its brand value in the country. Apple needed this, as its share in the Indian smartphone market is still less than 3%.
Apple to open first retail store in Mexico
In order to offset declining sales from China, Apple is looking at new and emerging markets to improve revenues. As seen earlier, sales from Apple’s second-largest market, China, fell 33% YoY (year-over-year) in fiscal 3Q16.
AppleInsider stated that Apple “continues on a planned expansion into untapped markets like Mexico, where the company is poised to open its first retail store later this year.”