Bad news for HTC lovers as the company may leave Indian market soon due to the tough competition it is getting from its Chinese counterparts. The top management of the company including the country head Faisal Siddiqui, has also resigned.
Reports reveal that HTC has asked the 70-80 member team to quit, apart from some main members such as the Chief Financial Officer Rajeev Tayal. The company is also canceling all distribution agreements in the country, as the production process hasn’t continued in India for over a year.
There are chances that HTC may plan to re-enter the Indian market in the future as an online-only brand. As a smartphone brand, HTC has been struggling globally, and it is not a wise decision to continue business in countries where it is facing loss.
Once a very popular brand in India, the sales of HTC have fallen by nearly 68% year-on-year. Reuters recently reported that the company plans to lay off 1,500 workers globally.
According to Counterpoint Research, HTC has less than a 1% share in India and shares the same segment, which is dominated by Apple, Samsung and OnePlus.
Also Read: Marketing Strategies Of Xiaomi By Which It Became Best Smart Phone Brand In India
HTC had seen success in the mid-segment in the Indian market, but the entry of companies like Xiaomi, OnePlus, OPPO and Vivo changed the fate. How do you feel about HTC’s exit? Do let us know in comments.
