Following the recent rumours about firing 85% of employees in India, and preparing to exit the country, LeEco has now released more information on the situation. The company said that all businesses need to be profitable, but the numbers of layoffs indicated are incorrect.
It's obvious that LeEco is reconstructing its business not only in India, but worldwide. However, according to the company, they have no intention of leaving India, as the company is preparing to invest more money in the country and is gearing up for the launch of new products.
"The company is gearing up for the launch of its next generation TV scheduled the coming week. Premium models of smartphones too are to follow. LeEco television and smartphone business continues in India and has gained significant market recognition.India is one of the most strategic markets for LeEco and hence the company does not have any exit plan. In the past year, LeEco India has gained market recognition and the initial stage of market seeding has been successful.To support the new upcoming products, LeEco will also invest in marketing initiatives in India which will be in tandem with the sales objectives. The selection of marketing tools and tactics will also be guided towards making a sharp, well defined and targeted appeal to our core consumer groups. The company's recent moves were well thought out and planned as part of a longer-term strategy for the Indian market, and not triggered by the purported slump in sales due to demonetization," said LeEco.
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