Apple set to open first retail store in Mumbai as it bets big on India

CNN: Apple is finally getting ready to open its first physical store in the country as it bets on India as a market and manufacturing base.

The company teased the opening of its retail outlet in a brief statement Wednesday, saying it was preparing to greet customers in the financial and commercial hub of Mumbai. Its previous plan to open a store in the country in 2021 was derailed by the coronavirus pandemic. 

The company released a photograph of its new boarded-up storefront, located at Jio World Drive Mall, a property owned by Reliance Industries, the conglomerate of Indian tycoon Mukesh Ambani. 

“Hello Mumbai,” the statement said. A notice outside the store said it would be “arriving soon.” Apple (AAPL) did not immediately respond to a request for further details, such as the opening date. 

The launch would come more than 20 years since the California-based giant first entered the Indian market through third-party resellers.

For years, Apple and other foreign retailers were restricted from setting up shop in the country unless they sourced at least 30 percent of raw materials locally, forcing them to rely on local partners. That changed in 2019, when the Indian government relaxed some investment rules. 

In 2020, the company launched an online store in India, allowing customers to buy its products and also, for the first time, customize certain devices.
CEO Tim Cook has previously pointed to the importance of starting its own retail network in the country, saying, “I don’t want somebody else to run the brand for us.”

More recently, the company has been ramping up manufacturing in India.

It increased its exports from the country significantly last year, with the number of iPhones made and shipped from India rising 65 percent in 2022 compared to the previous year, according to Counterpoint Research. 

Apple first began making iPhones there in 2017. But in recent months, it has expanded production after suffering severe supply chain snags in mainland China, which accounts for the bulk of its smartphone manufacturing.