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LeEco has joined the bandwagon of other international smartphone makers and has applied for single brand retail licence in India.
The move comes from the company as it wants to open its own retail stores in the country.
LeEco is the third company that has applied for single brand retail licence following Apple and Xiaomi who applied earlier this month. It entered India in January this year with Le 1s smartphone. A foreign company needs to manufacture 30% of its goods in India to be able to operate retail stores in the country. LeEco is seeking relaxation on this policy to make a aggressive push in the India.
Atul Jain, chief operating officer at Le Eco India, told ET, We have decided to go for our own stores, so we have applied to the FIPB (Foreign Investment Promotion Board).
He further added that the application was filed earlier this week and said LeEco will set up its distribution network over the next two months. The company is looking forward to launch its own single brand retail stores in 8-10 cities starting with New Delhi, Mumbai and Bengaluru. Along with phones, these exclusive stores will house other products like TVs, VR headsets, Bluetooth devices and power banks. Jain stated that the company will also add 500 franchise stores, which along with the exclusive stores, will entail an investment of about Rs 50 crore, said the ET report.
Moving ahead, Jain also revealed that the company plans to kick start local manufacturing of smartphones in the country within the next six months. Just last week, Telecom and IT minister Ravi Shankar Prasad said the company is exploring a bigger investment in India and Andhra Pradesh, Telangana, Raipur’s electronic cluster, Bhopal and Bhilwada in Rajasthan were suggested for its manufacturing facility. LeEco also intends to launch over 40-inches television by June-end at “disruptive prices”.
LeEco applies for single-brand retail licence in India
The move comes from the company as it wants to open its own retail stores in the country.
LeEco is the third company that has applied for single brand retail licence following Apple and Xiaomi who applied earlier this month. It entered India in January this year with Le 1s smartphone. A foreign company needs to manufacture 30% of its goods in India to be able to operate retail stores in the country. LeEco is seeking relaxation on this policy to make a aggressive push in the India.
Atul Jain, chief operating officer at Le Eco India, told ET, We have decided to go for our own stores, so we have applied to the FIPB (Foreign Investment Promotion Board).
He further added that the application was filed earlier this week and said LeEco will set up its distribution network over the next two months. The company is looking forward to launch its own single brand retail stores in 8-10 cities starting with New Delhi, Mumbai and Bengaluru. Along with phones, these exclusive stores will house other products like TVs, VR headsets, Bluetooth devices and power banks. Jain stated that the company will also add 500 franchise stores, which along with the exclusive stores, will entail an investment of about Rs 50 crore, said the ET report.
Moving ahead, Jain also revealed that the company plans to kick start local manufacturing of smartphones in the country within the next six months. Just last week, Telecom and IT minister Ravi Shankar Prasad said the company is exploring a bigger investment in India and Andhra Pradesh, Telangana, Raipur’s electronic cluster, Bhopal and Bhilwada in Rajasthan were suggested for its manufacturing facility. LeEco also intends to launch over 40-inches television by June-end at “disruptive prices”.
LeEco applies for single-brand retail licence in India
