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LeEco applies to FIPB for opening single brand retail stores in India


Chinese smartphone maker LeEco which recently launched its devices in India has filed an application with the Foreign Investment Promotion Board (FIPB), seeking approval for opening single brand retail shops and an e-commerce portal in India.

Additionally, the smartphone maker has also sought relaxation from the 30% domestic sourcing rule; something which was also requested by smartphone makers like Xiaomi, Apple in their applications. However, in November 2015, the government had exempted the 30% rule for companies manufacturing “state of art and cutting edge technology” products.

LeEco plans to open exclusive retail stores across top cities in India including New Delhi, Mumbai, Bengaluru, once the application is reviewed and processed by government authorities. Additionally, the company is also looking to open 500 franchise stores across the country.

CDN networks in India: Earlier this month, LeEco said that it is planning to invest $10 million to develop cloud infrastructure for delivering content across mobile devices and smart TVs in India. It aims to introduce its cloud-based online streaming platform for both mobile devices and smart TVs that it expects to launch in India.

Tie ups with Indian companies: In January, LeEco partnered with Eros Now for showcasing ErosNow’s repository of Bollywood films, music and; it also inked a deal with Yupp TV for streaming Yupp TV’s Live TV content on its platform. Additionally, in January, the company said that it would open a research and development centre in Bengaluru, which will have about 1,000 employees by the end of this year.

LeEco currently has operations in US and Hong Kong. In China, the company claims to have a content library of more than 100,000 episodes of TV shows and over 5,000 copyrighted films, under its own production house named Le Vision Pictures (LeVP). It also produces a range of smart LED TVs and smartphones, and online streaming of music and live sports content as well.

Similar developments

-This month, Xiaomi also sent an application to the Department of Industrial Policy and Promotion (DIPP) for opening single brand retail stores in India, along with exemption from the 30% domestic sourcing rule. In March 2015, Xiaomi had launched its online store in India

-In January, Apple too had applied to the DIPP, seeking permission to open single brand retail stores and an e-commerce business in the country. In octber 2015, Apple had reportedly signed a deal with Croma (Infiniti Retail) to set up its first retail ‘Apple Store’ in India.

Image Credit: YouTube user Phonelicious under CC BY 3.0

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© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ