Apple has crossed the $1 billion sales mark for its Indian operations for the first time, according to a filing with India’s Registrar of Companies (RoC) this week.
Apple saw 44 percent increase in sales for its most recent financial year, marking an overall doubling of Indian sales in the past two years — largely due to increased demand for the iPhone.
India has been an increased focus during Tim Cook’s tenure as Apple CEO. Previously ignored, Apple has started introducing new model iPhones in India closer to their global launch date rather than months later. Since 2012, it has also upped its advertising — leading to Apple becoming the third-largest brand in the Indian cellphone market with approximately 9 percent market share.
During a recent meeting with India’s prime minister, Tim Cook noted that the country holds a, “very special place in the heart of every Apple employee” because it was the destination Steve Jobs visited as a young man searching for inspiration — leading to the creation of Apple.
This week, we reported that Apple is also upping its focus on breaking into the business and education markets in India — appointing more than 130 dedicated corporate resellers across the country, which it hopes to expand to 200+ resellers by March 2016.
Apple has additionally come to an arrangement about official Apple Stores in India, debuted the Apple Watch, and had conversations about opening an R&D center in the country. Foxconn, meanwhile, has discussed shifting iPhone production to India.
Despite their comparable sizes, India’s not going to become a major market for Apple overnight in the way that China has, but it’s still fascinating to watch the company make such massive inroads there. And definitely good news for shareholders, too.
Source: Times of India