Chinese smartphone maker LeEco, which is splurging money on advertisements in India, has geared up to set up its company-owned stores in India agreeing to the recent changes in the country’s sourcing norms. LeEco thus becomes the first consumer electronics major to agree to the revised norms. LeEco is hopeful of receiving FIPB approval in a month and plans to open 5-10 flagship stores by December with its complete range and also convert the current online store Lemall.com run by a partner into a company-owned entity, according to a company source. In the retail sector, fresh business opportunities have been propelled with the popping up of high-end outlets like that of LeEco.
