Apple to finally launch its first store in India in 2021
New Delhi : Apple (AAPL) CEO Tim Cook has announced that the company will be opening its first store in India by next year. A company spokesperson confirmed the news, which was reported earlier by Reuters.
In addition to starting its own retail network, the iPhone maker will start online sales in India this year, Cook told shareholders at an annual meeting in Cupertino, California.
One of the biggest reasons by Apple had no physical store in India is the Indian regulations for the foreign brands; according to the rule, a company needs to source at least 30 per cent of its raw material from the local sources.
The company has instead sold its devices through stores run by local partners.
Cook said Wednesday the company "needed to get approval from the government to go in there ourselves."
"I don't want somebody else to run the brand for us," he added.
No further details have been revealed on the idea.