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Smartphone brand Honor says 'maintaining' India business operations

As reports surfaced that Shenzhen-based Honor has pulled out its team from India, the company said on Monday that the company is 'maintaining business operation' in the country

Topics
Honor | Huawei | smartphones

IANS  |  New Delhi 



Honor 20
Honor 20

As reports surfaced that Shenzhen-based Honor, formerly under Huawei, has pulled out its team from India, the company said on Monday that the company is 'maintaining business operation' in the country.

According to a report in the South China Morning Post, the company's business in India will remain in operation, managed by local partners, but the brand will adopt a "very safe approach."

CEO Zhao Ming told state-run newspaper Securities Times that formed the India team a few years ago but chose to leave for "obvious reasons", the report said.

In a statement to IANS, a company spokesperson said it "is maintaining business operation in India and will continue its development".

 

" officially announces its exit from the Indian market" is not correct, the spokesperson added.

The development came as Indian authorities like the Enforcement Directorate (ED) and Directorate of Revenue Intelligence (DRI) have conducted raids and investigations of major Chinese smartphone players like Vivo, OPPO and Xiaomi.

Honor once held a 3 per cent market share in India during its peak in 2018 but fell out after the US put sanctions against .

Struggling to keep its consumer business afloat in the wake of the US sanctions, Chinese conglomerate in November sold off its Honor smartphone business assets to China-based Shenzhen Zhixin New Information Technology Co Ltd.

Honor were hit by US sanctions that prevent from doing business with the US companies.

Since its creation in 2013, the Honor brand has focused on the youth market by offering phones in the low- to mid-end price range.

In the next seven years, Honor developed into a smartphone brand that shipped over 70 million units annually.

In India, Honor had entered the laptop market and expanded its wearables portfolio in the country.

--IANS

na/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Tue, July 26 2022. 10:19 IST

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