LeEco denies India exit rumors, to soon launch new smartphones and TVs

Chinese smartphone company Le Eco fires 85% employees in India
Chinese smartphone company Le Eco fires 85% employees in India
Author

04 March, 2017

The company, which had a massive advertising budget of Rs. 80 crore a month, stopped selling its products through offline retail stores in December. Moreover, LeEco India has a robust R&D team working for India as well as LeEco globally, as the company values the R&D function, as it is integral to long-term business.

LeEco got into India only a year ago in February with its smartphones and Televisions being sold exclusively on Flipkart.

After laying off a substantial number of employees - as many as 85 per cent staff across the sales, marketing and distribution departments in India, Chinese internet and technology conglomerate LeEco on Friday denied plans to exit the India operations as of now.

LeEco, the Chinese smartphone and electronics brand which entered the Indian market past year, has reportedly laid off 75% of its Indian staff.

LeEco's Mumbai and Delhi offices are currently running with a skeletal staff, while the company is now firing people in its Bengaluru office. "All this certainly does not signal a company in wind-up mode", the statement read.

More news: Dwyane Wade delivers vintage slam to seal victory against Phoenix Suns

As per industry executives, LeEco would exit India because of both the financial crisis at the parent firm and their decision to focus on China and the US.

The company which sells smartphones, television sets and related accessories in India said that its headcount in India is "well aligned to the scale of operations envisioned and in line with industry benchmarks,".

Founder Jia Yueting had said expansion of business from smartphones to driverless cars had cost the company a lot of money in in an email to his employees in November past year.

Bloomberg had cited the billionaire chairman's letter likening the expansion to speeding blindly, causing cash demands to balloon. It also poached two top level executives in order to strengthen its presence. Demonetisation also had a big role to play in the falling sales in the Indian market. He said the flagship models will not be launched in India. "All businesses need to be profitable to be sustainable. So, LeEco found it neither here nor there", he said, requesting anonymity.


More news


  • FA Cup: Iheanacho completes rout as Man City whip Huddersfield

    The match saw Sergio Aguero deliver the kind of performance his exacting manager Pep Guardiola has been demanding. Aguero returned to the team and is doing exactly what Guardiola wants.

    US Fourth Quarter GDP Confirmed at 1.9%

    Agriculture growth has been estimated at 6% in third quarter. "That'll be a better parameter to judge the impact of demonetisation".

    Russia's United Nations envoy Churkin buried in Moscow

    Churkin emerged as the face of a new approach to foreign affairs by the Soviet Union in 1986, when he testified before the U.S. Vitaly Churkin, who died a day before his 65th birthday, had been Russia's envoy at the United Nations since 2006.
  • UPS Among Peace Corps' 2017 Top Colleges

    UPS Among Peace Corps' 2017 Top Colleges

    Lawrence University, Evergreen State College, and Oberlin College in the small colleges and universities category. Since the Peace Corps' founding in 1961, 306 Puget Sound Loggers have traveled overseas to serve as volunteers.
    Mets to keep David Wright from throwing because of shoulder impingement

    Mets to keep David Wright from throwing because of shoulder impingement

    Jose Reyes was signed to play third base late last season and was signed as insurance this season just in case Wright was hurt. The 34-year old previously appeared in over 100 games in every season since 2005, being named an All-Star on seven occasions.

    Kings acquire Ben Bishop from Lightning

    He returned Saturday and stopped 32 of 33 Anaheim Ducks shots on goal in a win - and looked like his old self in the process. Dean Lombardi says the trade for Ben Bishop was not an insurance policy but the opportunity to have two number one goalies.
  • More than 20 US strikes targeted Al-Qaida in Yemen: Pentagon

    More than 20 US strikes targeted Al-Qaida in Yemen: Pentagon

    Conducted in partnership with Yemen's government, the strikes were coordinated with President Abd Rabuh Mansur Hadi, Davis said. The U.S. military has said the raid also killed 14 suspected members of al-Qaida.

    Tamil Nadu decides to go 'Swadeshi', stops sale of Coca Cola, Pepsi

    The TNVSP is an umbrella body of around 6,000 traders' associations with a total membership of around 15 lakh across the state. They are stressing on looking of local alternatives - a move that is bound to promote home-grown businesses and products.
    Huawei P10, P10 Plus Android smartphones unveiled

    Huawei P10, P10 Plus Android smartphones unveiled

    The two have been in the rumors for quite some time now and in fact, we know just about every detail of the phones. The company, alongside its partnership with Leica has introduced its smartphones with branded cameras at the back.
  • Australia economy rebounds in Q4, extends recession-free run

    Australia economy rebounds in Q4, extends recession-free run

    It is now on course to surpass the Netherlands' modern-era record of 26 years of consecutive growth between 1982 and 2008. The statistics, revealed on Wednesday, show that the Australian economy climbed by 1.1 percent in the last quarter.
    Dana White Announces Georges St-Pierre vs. Michael Bisping

    Dana White Announces Georges St-Pierre vs. Michael Bisping

    You wanna study the fight? St-Pierre was a pay-per-view heavyweight for the UFC at the time of his departure from the sport. St-Pierre (25-2) has not competed since defending his 170-pound title against Johnny Hendricks at UFC 167 in November 2013.

    Things Couples Do On Pancake Day

    Then, once your pancake is ready, you can top with lemon and sugar, Nutella, bacon and maple syrup or whatever you fancy. Whether you like them sweet or savoury, fluffy or thin - Nottingham experts have the secret to making flawless pancakes.