Shares of Apple Inc. (NASDAQ: AAPL) inches down in afterhours trading as many people rushed to get a glance of the store’s black and yellow artwork, which was modeled after Mumbai’s famous cabs, as the company unveiled the appearance of its first retail location in India.
According to a source familiar with the situation who spoke to Reuters, the business is currently behind barriers but is expected to open this month.
The Cupertino, California-based corporation now has a significant presence in India after opening an online shop in the second-largest smartphone market in the world in 2020.
Apple barely has a 3% market share of smartphones in India despite its premium costs.
Because to the COVID-19 epidemic, Apple’s plans to build physical retail outlets in the nation in 2021 have been postponed.
Yet, Apple goods have long been available in India through resellers and on e-commerce sites like Amazon.com Inc. and Walmart Inc.’s Flipkart.
A growing number of Apple goods, including the iPhone, are now being built in India by the Taiwanese contract electronics giants Foxconn and Wistron Inc. Also, Apple intends to produce iPads and AirPods in India.
The first physical location is in the prestigious Reliance Jio World Drive mall, which also houses a number of high-end jewelry and apparel companies including Michael Kors, Kate Spade, and Swarovski.
According to Apple, the store’s brilliant lighting was “inspired by the renowned Kaali Peeli cab art unique to Mumbai,” a reference to the city’s venerable yellow and black taxis.
On Wednesday night, customers were shooting pictures and filming films on their iPhones in front of the store, where the Apple logo was decorated in a range of hues and a modified version of the company’s signature welcome, “Hey Mumbai,” was shown.