After years of efforts, Apple is now all set to open its first company-owned and operated outlet in India. Now, a new report has surfaced online which claims that the Cupertino-based tech giant has finalised the location to open its first store in India.
As per the report, the first company-owned Apple Store will come up in Mumbai’s Bandra Kurla Complex and is expected to start operating from next year. The report adds that the company has chosen Maker Maxity Mall for the iconic outlet in India.
It also reveals that Apple has leased around 20,000-25,000 sq ft space spread over three floors in the mall, which is located in the commercial hub of Bandra Kurla Complex (BKC). The company is currently camping for designing and creating layout of the outlet and will take about eight months to a year to finish. The report adds that the store is expected to be operational from September 2020.
The upcoming Apple store will be the largest Apple store in India with three times the size of its largest franchisee run 8,000 sq ft outlet in Mumbai. The Flagship Apple Premium Reseller (FAPR) store was opened in August, which occupies two floors in Mumbai’s High Street Phoenix mall.
Apple has been trying for years with the Indian government to get exemption for a rule that requires companies applying for more than 51% foreign direct investment (FDI) through single-brand retailing route to locally source 30% of the products they sell in the country.
However, in August this year, India amended rules for single brand licence holders to include exports and contract manufacturing to be counted in the mandatory 30% local sourcing norm over a period of five years. Now, along with its biggest Apple Store in Mumbai, the company is also planning to open 2-3 offline retail stores in India soon.