LeEco has announced that it has filed an application with Foreign Investment Promotion Board (FIPB). The application is filed for a single brand retail license. LeTV has filed the application for selling electronic products in India under its own stores.
LeEco(LeTV) currently sells its smartphones in India via online retailer Flipkart. The Chinese company doesn’t have single brand retail license in India so that’s why they cannot sell its smartphones via their own stores.
With the Application with FIPB, LeEco plans to sell it’s products via brick and mortar stores and e-commerce portals. One of the key condition for obtaining single brand retail license is 30% domestic sourcing but the company claims that it has sought relaxation from the 30% domestic sourcing rule.
“India is a key market for LeEco and we plan to significantly invest in setting up our business model in the country. We are committed to offering our users cutting edge technology at disruptive prices. We have received a great response from consumers so far for our Superphones and now plan to strengthen our presence in the market by opening our own stores and e-commerce portal to offer our users the best-in-class experience”, said Atul Jain, COO, Smart Electronics Business, LeEco India.
LeEco plans to open fully owned exclusive retail stores in top 8 to 10 cities, starting with New Delhi, Mumbai, Bengaluru, LeEco plans to display its entire Ecosystem ranging from phones, TVs, VR Headsets, Bluetooth devices and power banks. Additionally, the company will also open 500 franchise stores across India.