If we look at previous month, famous company LeEco chairman Jia Yueting has been confirmed that the company is facing a financial crunch. Now, the Chinese Smartphone maker which has been aggressive this year in India with new phone launches and offers is now feeling the heat of the financial situation.LeEco started selling its smartphones via retail stores in the month of June, however, the company is now exiting the offline sales model owing to limited funds allotted for the Indian unit. Earlier in the month of April, LeEco had applied for single-brand retail licence in India under which it planned to launch own stores and set up 500 brand stores in India through the franchisee route.
LeEco Backs Offline Smartphone Sales, Curbs new Launches India
However, the future of these retail stores looks bleak now. In addition, the company has slashed 1,000 in-shop temporary jobs and even slashed advertising budget. Company will also slow down launch of new models for next few months. It is even expected that the company will reduce workforce in its India unit. Source | Source