Benzinga - by Anusuya Lahiri, Benzinga Editor.
Apple Inc (NASDAQ:AAPL) will open its first retail store in Malaysia on June 22 at The Exchange TRX mall in Kuala Lumpur, expanding its presence in Southeast Asia.
This new store aims to boost sales and operations outside of China. Apple already has stores in India, Thailand, and Singapore.
Malaysia is becoming increasingly important for Apple in both production and sales, Bloomberg reports.
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The company began producing some Macs in Malaysia a few years ago and manufactures iPhones in India and AirPods in Vietnam.
The new store has been under construction for several years, with hiring starting early last year.
Apple initially planned the opening for February. CEO Tim Cook visited Southeast Asia in April to promote regional growth in Singapore, Indonesia, and Vietnam.
Recent reports indicated Apple consolidating its relationship with China while expanding in Southeast Asia and India.
In 2023, Apple boosted its number of China-based suppliers and manufacturing sites, lowering its reliance on suppliers from Taiwan, the U.S., Japan, and South Korea.
Apple stock gained over 7% in the last 12 months. Investors can gain exposure to the stock via Fidelity MSCI Information Technology Index ETF (NYSE:FTEC) and Vanguard Information Tech ETF (NYSE:VGT).
Price Action: AAPL shares traded higher by 0.01% at $190.01 premarket at the last check on Wednesday.
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