Apple Inc. applied to open its own stores in India for the first time, a strategy that may help it better target a fast-growing market just as iPhone sales may be peaking.
Apple said Wednesday it’s filed a request with the Indian government to bring its retail outlets to the world’s second-largest country.
Emerging markets will prove crucial to Apple as some analysts predict a decline this year in sales of the iPhone, which accounts for about two-thirds of the company’s revenue.
Chief Executive Officer Tim Cook is searching for growth opportunities as smartphone sales flatten and China’s economy slows.
Apple has 2 percent of the Indian market, according to International Data Corp., and needs to make inroads against competitors including Samsung Electronics Co., Xiaomi Corp. and Micromax Informatics Ltd.