Tim Cook visits India which Wedbush calls a $20b opportunity
India is very much in focus today as Apple CEO Tim Cook begins his visit to open new retail stores, engage in meetings with local government – even as one analyst sees the company generate an additional $20b per year from the nation.
Apple News Today from India
Tim Cook is in India to open the company’s first retail stores in the country in New Delhi and Mumbai.
Today he Tweeted (below) a picture of himself at the center of Apple’s newly recruited retail store team in Mumbai, which will open tomorrow (April 18).
The store will feature a Genius Bar, its 100 staff will speak 18 of India’s many languages, and more recent local reporting confirms a third retail store is in development in Bengaluru.
He is expected to meet Prime Minister Narendra Modi and India’s Deputy IT Minister, Rajeev Chandrasekhar on the trip. At least one unspecified source says the meeting will take place Wednesday, the day before the Thursday opening of the New Delhi store.
It’s reported that Cook also met Reliance Industries MD, Mukesh Ambani, who owns the mall in which the new Mumbai shop is situated.
Meeting the government
The government reps are likely to try to woo more business from Apple, even as the company perhaps lobbies for changes to labor laws to make it possible for people to work longer hours and generate more profit.
They may point out that Apple and its supply chain partners can qualify for up to $20 billion in incentives if they ramp up iPhone production. Rediff says India may even find more cash to help stimulate the iPhone manufacturing chain.
Hello, Mumbai! We can’t wait to welcome our customers to the new Apple BKC tomorrow. 🇮🇳 pic.twitter.com/9V5074OA8W
— Tim Cook (@tim_cook) April 17, 2023
Local analysts think the presence of Apple retail stores will generate more interest in its products in India, will enhance customer experience, and boost its brand positioning.
Apple has built its business in India rapidly, iPhone sales there have climbed 35% even as the quantiuty of phones it makes there has now reached 7% of its global production, and climbing.
Apple seems pretty enthusiastic and invited local media in India to attend a preview opening of the store.
Here’s some of the staff in Mumbai cheering them through in Apple’s now time-honored fashion:
https://twitter.com/AppleJones40/status/1647967969442398209?s=20
‘A beautiful culture, incredible energy’
Celebrating Apple’s work in India, Cook recently said:
“India has such a beautiful culture and an incredible energy, and we’re excited to build on our long-standing history — supporting our customers, investing in local communities, and working together to build a better future with innovations that serve humanity.”
Apple is also ramping up its supply chain and manufacturing presence there.
Is it worth it?
Almost certainly.
Wedbush analysts say Apple could generate an additional $20b per year in revenue in India by 2025 and this will continue to climb.
“We believe this will be a strategic poker move for Cupertino that could ramp annual reveny by $20b by 2025 in India.”
Apple also recently declared India its own reporting area.
“We view this week as Apple diving into the deep end of the pool in India as this massive market slowly converts into the Apple ecosystem over the coming years with iPhone market gains front and center,” they said.
Apple’s revenue in India has already jumped by 50%, year-on-year, reports climb. That’s going to be welcome growth in an otherwise tough market.
Apple BKC opens Tuesday, April 18, at 11 a.m. IST in Mumbai. Customers are invited to download interactive custom wallpapers, listen to a curated Apple Music BKC Playlist, and sign up for upcoming Today at Apple sessions.
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