Apple In India: Like many companies, Apple Inc. (NASDAQ:AAPL) is well aware of the opportunity available in India. For this reason, we should expect the Cupertino-based company to devote more time, energy, and resources into this country in the near future.
Apple Inc. (NASDAQ:AAPL) may be the smart money’s second favorite publicly traded company but hedge funds have started dumping the Cupertino-based company in favor of a surprising financial stock (see which stock hedge funds are buying like crazy).
The Times of India is reporting that Apple is looking to become even more involved locally over the next couple of years.
Despite the fact that the company is well aware that China is likely its biggest market in terms of growth, they are not going to ignore what India has to offer. This is due in large part to the recent success of the iPhone within the country.
According to the Times of India article, Apple will improve its presence in India by tripling its number of stores by 2015. When everything is said and done, there will be roughly 200 Apple Inc. (NASDAQ:AAPL) stores scattered throughout the country. This is a huge leap, when compared to where things stand right now, but this goes a long way in showing how much confidence the company has in India moving forward.
Note: this information was made available by local franchisees, not Apple itself.
In addition to an increase in the number of official Apple stores, the same report is stating that an increase in Apple Premium Resellers is due as well.
Here is a brief excerpt from the piece, explaining how things are progressing along with the help of key Apple Inc. (NASDAQ:AAPL) executives:
“Some of these plans are said to have been discussed during last month’s Mumbai visit of Hugeues Asseman, Apple’s vice president (sales) for Europe, Middle-East, India, and Africa. Asseman met key trade partners and franchisee owners to take stock of the company’s India business and to outline the company’s expansion plans. Apple’s London-based spokesman, Alan Hely, declined comment on the company’s expansion plans.”
This is somewhat of a surprise, being that Apple has put India on the backburner for quite some time. However, it appears that the company is now signing a different tune thanks to surging iPhone and iPad sales in the country.
What are your thoughts on this expansion? Share your opinion in the comment section below.
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DISCLOSURE: I have no positions in any stock mentioned.
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