JUNE 16, 2023
Mukesh Ambani is earning millions every month from Apple iPhone sales in India. Although India’s richest man has not much to do with Apple brand or production in India, the sales through Apple’s first retail store in India is helping the Ambani family earn millions every month. For its first official retail store in India, Apple has partnered with Reliance Jio World Drive mall in Mumbai. The Ambani-owned mall has provided an exclusivity zone to Apple bars 22 competing brands including Amazon, Facebook, Google, LG, Microsoft, Sony, and others from occupying space or displaying any advertisement inside the exclusivity zone of the mall.
Ambani-owned mall in Mumbai has an 11-year deal with Apple for a space of around 20,800 square feet. The rent of the store will increase by 15% every three years and the company is paying a minimum monthly payment of Rs 42 lakh along with a 2% revenue share contribution for the first three years. The revenue share contribution will increase to 2.5% after the first three years.
According to a report by the Economic Times, Apple BKC recorded sales worth over Rs 10 crore on the opening day and in a month, the store is doing around Rs 25 crore of sales. As per the agreement, Apple will pay Rs 42 lakh rent along with Rs 50 lakh as revenue share contribution to Mukesh Ambani every month.
The Apple Store is located at Jio World Drive at the West entrance. Jio World Drive is situated in Bandra Kurla Complex in Mumbai, Maharashtra and offers valet parking services. The nearest railway station is located 1.4kms in Bandra. Apple iPhone, Mac, iPad, AirPods, Apple Watch, and Apple TV lineups, as well as accessories like AirTag are available at the retail store that features more than 100 team members who collectively speak over 20 languages. The store offers free WiFi to the visitors and uninterrupted access to all the Apple products. Visitors are allowed to click photos and get training to use the products in a single place.
Courtesy/Source: DNA / PTI
