Apple ( CEO Tim Cook said Wednesday that the company plans to open a brick-and-mortar store in the country in 2021. A company spokesperson confirmed the news, which was reported earlier by Reuters. )
In addition to starting its own retail network, the iPhone maker will start online sales in India this year, Cook told shareholders at an annual meeting in Cupertino, California.
A big reason Apple hasn’t opened a store in the country until now is that Indian regulations require foreign retailers to source at least 30% of their raw materials locally — a rule that Apple has tried to seek an exemption from. The company has instead sold its devices through stores run by local partners.
Cook said Wednesday the company “needed to get approval from the…