LeEco sells Rs 100 crore worth smartphones and TVs in two days

BENGALURU: Internet and technology firm LeEco has sold smartphones and LED televisions worth Rs 100 crore over the past two days, the company COO Atul Jain told TOI. The two-day sale called Epic 919 saw the Chinese company selling 70,000 smartphones and 2000 55" LED televisions. Globally the company sold products worth Rs 5,200 crore. This number excludes the sales in US and Russia.
September 19 (Monday) was LeEco's "fan day" and it offered several discounts and freebies on Monday as well as Tuesday.The 12-year old Chinese firm is one the largest online video companies and has $2 billion in sales annually. India was its first market outside of China and the country operations started in January this year.
"This time of the year heralds shopping season across the world including China and India. Our target was Rs 100 crore for these two days and we achieved it," Jain said, adding that the company will invest $10 million every quarter in India in marketing and would have spent Rs 250 crore by the end of this year.
LeEco sells on Flipkart (which accounts for around 80% of its sales) and on its own online platform called LeMall. LeEco is also planning to ramp up its offline presence by launching more than 500 exclusive brick and mortar outlets in the next six months. It will have more than 1,000 outlets in 12 months; all run in franchise model with the investments made by the franchise owner.
"In India, 70% of smartphones are still sold offline. Our phones will be available at more then 4,000 outlets across the country," Jain said. The company expects offline to contribute to 50% of its sales next year. "India expects high specifications products at a reasonable price," Jain said. LeEco is not looking to make profits in the India market in the next two years as it is still in an investment and growth phase, said Jain.
In an India-specific move LeEco, which sells premium 55" and 65" LED televisions, the company will soon introduce 50" and 43" televisions in the country, Jain said. India's big screen market is about 12,000 units in a year while LeEco has already sold 6,000 units in one and half months since its launch, he added.