Key Points
The iPhone maker's first two own stores in India have grossed monthly sales of over 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, according to two industry executives aware of the details...
"The two company-owned Apple Stores in India are setting new benchmarks in terms of absolute and per-square feet revenue," said one of the executives cited above..
With the opening of the two Apple-owned stores in India, the iPhone's overall ASP will likely cross $950 and will be $1,000-plus for offline sales, said IDC India associate vice-president Navkendar Singh..
"ASP increase will be partly because the company launched its owned stores in the two largest markets for Apple, New Delhi and Mumbai, (that) make up about a quarter of iPhone sales for the company," said Singh..
Apple operates the Saket store on a fixed rent basis, while there's a revenue share component of a little over 2% for the BKC store, executives said.. Given that Indian consumers are price-sensitive, it will be interesting to see how much longer the two stores can sustain their dominance, said the chief of a leading multi-brand electronics retail chain..
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