Apple iPhone, AirPods, iPad and other products will soon have a new address in India as the company is launching its first official retail store in the country tomorrow (April 17). Until now, it was rumoured that Apple CEO Tim Cook will be travelling to India for the launch of the stores in Mumbai and Delhi but now it appears that the rumours were right. Apple CEO Tim Cook has been spotted leaving Mukesh Ambani’s Rs 15,000 crore residence ahead of the inauguration of Apple BKC store. Akash Ambani, son of Mukesh Ambani, was spotted seeing off the executive from the residence. The Apple BKC store is located in Ambani-owned Jio World Mall and for its first official store in India, the Cupertino-based tech giant has got a special ‘Ambani discount’ along with an exclusive zone inside the mall.
Apple has signed a 11-year deal with Reliance Jio World mall for a space of around 20,800 square feet for which the company will pay a minimum monthly payment of Rs 42 lakh along with a 2% revenue share contribution for the first three years. After three years, the rent of the store will increase by 15% and the revenue share contribution will increase to 2.5%.
Apart from this, Apple has also leased an exclusivity zone inside the mall that bars 22 competing brands including Amazon, Facebook, Google, LG, Microsoft, Sony, and others from occupying space or displaying any advertisement within a certain perimeter.
Apple has been operating in India for more than 25 years but the brand will get its official retail stores in the country this week. After the launch of its first retail store on April 18, the company will inaugurate its second official retail store in India on April 20 in Delhi’s Select Citywalk mall. The company is paying almost similar rent for the Delhi store but it will only get half of the space as compared to BKC store.
