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Apple opened its first stores in India, one each in Mumbai and Delhi, amid vigorous fanfare and media frenzy back in April. Apple BKC and Apple Saket not only serve as prominent physical storefronts for all Apple products, but also mark the tech giant’s 15-year journey in India. Now, just weeks after they opened their doors to Indian customers, the two Apple stores have reportedly become the country’s largest electronics retail store in terms of sales.
According to a report in The Economic Times on Thursday, Apple BKC and Apple Saket have recorded monthly sales of over Rs. 22 to 25 crore each. These figures, the report claims citing industry executives familiar with the details, are over twice the possible highest revenue for an electronics store in India outside of festive seasons like Diwali.
The report says that Apple BKC, the iPhone maker’s premium store in Mumbai’s financial district, received a footfall of over 6,000 people and sold over Rs. 10 crore worth of products on its opening day, April 18. Apple Saket, the company’s store in New Delhi which opened two days later on April 20, also reportedly received similar footfall.
According to the industry executives cited in the report, the Apple’s high revenue from its first Indian stores could be attributed to the premium price of its products. “…the average selling price (ASP) of Apple products is much higher, which leads to higher revenue, and (since) footfall is still high, with both stores remaining crowded on any given day,” they told ET, adding that the sales had “far exceeded” Apple’s internal estimates.
Apple CEO Tim Cook opened the two retail stores in Mumbai and Delhi, drawing customers, Apple fans, and journalists from across the country. Long queues of eager people hoping to be the first to experience the swanky stores for themselves formed before the doors officially opened. Some Apple fans even showed up carrying vintage Apple products.
Earlier this month, Cook said India was at a “tipping point” after Apple announced a rise in iPhone sales for its quarterly earnings report.
The two stores have also marked Apple’s focus on India as an emerging market — not just for sales, but also as a production hub. Right after the stores opened, Minister of State for Electronics and Information Technology Rajeev Chandrasekhar said Apple could double or triple investments and exports in India.