LeEco to open 1,000 stores in India by Dec ’17

- Advertisement -

LeEco, retail stores, offline sales, smartphones, India

Chinese tech firm LeEco expects 50% of its revenue in India to come from physical stores, as it seeks to open 1,000 outlets in the country by December 2017 to widen its reach and build a strong brand recall.

LeEco, which filed an application with the Foreign Investment Promotion Board (FIPB) for opening single brand retail stores five months back, is expected to launch 500 stores in the first six months of 2017.

- Advertisement -

Atul Jain, chief operating officer, smart electronics business, at LeEco India notified that this is in line with their aim to be among top three brands in the country by 2018.The company did not disclose the investment required for setting up the stores.

LeEco has an offline presence in China too, according to Jain.

The company has already tied up with multiple distributors across organized and unorganized channels in the country and is already available in about 3,000 outlets in cities including Delhi-National Capital Region, Meerut, Varanasi, Mumbai, Pune, Chennai and Bengaluru. It expects to reach 65 cities and have a presence in 6,000-8,000 outlets by November-December.

The company’s products, launched exclusively on Flipkart, will now be available on other e-commerce marketplaces such as Amazon India and Snapdeal. Flipkart has contributed close to 75% of LeEco’s sales in the country.

LeEco will spend close to $10 million in the three months starting October towards marketing.

LeEco recently invested Rs.50 crore towards setting up a facility in the Greater Noida area where it has started to assemble smartphones. Set up in partnership with Compal Electronics, the facility has an initial capacity of 60,000 units a month; the capacity will be ramped up to 200,000 by the end of December.

The company plans to start exporting products to Russia, Indonesia, Hong Kong, Singapore and Malaysia by the second half of 2017, Jain said. LeEco sold over 70,000 phones and 2,000 televisions in the month of August alone, the company said.

LeEco is known for offering smartphones at competitive prices by selling directly to consumers at almost zero margins and instead making money through its content channel. The company is expected to offer music services in partnership with Hungama by early next month.

Founded by billionaire Jia Yueting in 2004, LeEco positions itself as the Netflix, Apple and Tesla of China. Apart from selling smartphones and online content, the company sells TVs, electric vehicles and virtual reality headsets

By Baishakhi Dutta

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

GlobalFoundries and Qualcomm

GlobalFoundries and Qualcomm Extend Agreement

0
GlobalFoundries and Qualcomm recently announced that the two companies will be more than doubling their current strategic global manufacturing agreement for semiconductors entered into...
Reality AI, Renesas, RTOS, RZ/N2L

RZ/N2L MPUs By Renesas

0
Renesas recently announced the range of RZ/N2L microprocessor units (MPUs) which aims to simplify the implementation of industrial ethernet communications and claims to make...
South Korea Gunning For Chip Supremacy, CamGraPhIC, CMOS

Potential Platform for Beyond CMOS Electronics?

0
A group of researchers who are a part of an RMIT-led multinational collaboration, recently reported that they have for the first time observed the...

Exclusive

Chinese Phones For Less Than 12k, Not Allowed!

0
The central government is aiming to put some restrictions on Chinese smartphones holding the Indian market. Made-in-China giants like Xiaomi and others have managed...

“Inquisitiveness To Explore Makes A Big Difference…”

0
There are many who aspire to hold prestigious positions at big corporate houses, but very few are willing to work hard enough for it....
Japanese, InnovationLab

InnovationLab Unveils Additive PCB Production

0
InnovationLab, a printed electronics company, “from lab to fab,” recently claimed that it has achieved a breakthrough in additive manufacturing of PCBs, which in...

Important Sectors

GlobalFoundries and Qualcomm

GlobalFoundries and Qualcomm Extend Agreement

0
GlobalFoundries and Qualcomm recently announced that the two companies will be more than doubling their current strategic global manufacturing agreement for semiconductors entered into...
Reality AI, Renesas, RTOS, RZ/N2L

RZ/N2L MPUs By Renesas

0
Renesas recently announced the range of RZ/N2L microprocessor units (MPUs) which aims to simplify the implementation of industrial ethernet communications and claims to make...
South Korea Gunning For Chip Supremacy, CamGraPhIC, CMOS

Potential Platform for Beyond CMOS Electronics?

0
A group of researchers who are a part of an RMIT-led multinational collaboration, recently reported that they have for the first time observed the...

New Policy Push For Floating Solar Projects

0
A new policy for Solar energy is underway, which would incentivise investment in floating solar power generation. Though the technology needed is expensive, it...

Chinese Phones For Less Than 12k, Not Allowed!

0
The central government is aiming to put some restrictions on Chinese smartphones holding the Indian market. Made-in-China giants like Xiaomi and others have managed...

Manufacturing

New Policy Push For Floating Solar Projects

0
A new policy for Solar energy is underway, which would incentivise investment in floating solar power generation. Though the technology needed is expensive, it...

Chinese Phones For Less Than 12k, Not Allowed!

0
The central government is aiming to put some restrictions on Chinese smartphones holding the Indian market. Made-in-China giants like Xiaomi and others have managed...

Polymatech Will Invest USD 1 Billion On Expansion

0
Polymatech semiconductor manufacturing and packing facility is expected to produce 250 million chips per year with an investment of USD 1 Billion. The company will...

Third-largest by 2026: Indian Auto Sector

0
Going by the latest report of Invest India, the automotive sector will reach the mark of $300 billion by 2026. It will make India...

Flex Sees Growth With Smart Cities Mission

0
Flex CEO Revathi Advaithi, who started with the benign manufacturing field and now sits at the helm of this multinational company, considers the growing...