Apple’s gambit of opening retail stores seems to have paid off as its first two own stores have grossed monthly sales of over Rs 22-25 crore each, well over two times what could be the highest revenue for an electronics store in the country during non-Diwali period. The Mumbai store in Jio World Drive at Bandra Kurla Complex is now among the top 10 Apple-owned stores. It had a first-day billing of over Rs 10 crore, which is Rs 2-3 crore more than what some of the largest local electronics stores post in a month.
Why it’s important: Higher disposable incomes among a section of India’s upper middle class have boosted demand for Apple’s premium products. The tech giant would like to see the trend continuing. Moneycontrol