Samsung Sells Record $1.7 Billion of Phones Over India Holiday

(Bloomberg) -- Samsung Electronics Co. clocked its best-ever Diwali festival sales in India, after demand for consumer electronics held up well despite mounting inflation.

The Korean company sold 144 billion rupees ($1.7 billion) of smartphones in the roughly two months that comprise India’s most important shopping season, often an indicator of broader domestic consumption. Sales rose across models from the Flip and Fold to the flagship S22, Aditya Babbar, head of product marketing at Samsung’s India mobile business, told Bloomberg News.

“This was our best-ever Diwali sale,” the executive said, without offering a comparison.

Apple sales by value in the same period were likely to have been similar to Samsung’s, while others like Xiaomi Corp. and Vivo shouldn’t have been too far behind, said Navkendar Singh of IDC India.

Read more: India’s Economy Lighting Up on Peak Festive Season Demand

Samsung, once the unrivaled leader in India’s fledgling smartphone market, has grappled with stiffening competition from Chinese brands such as Xiaomi, Oppo and Vivo, who sell seven of every 10 devices in the country.

To regain ground, the Korean company expanded a consumer credit program it launched in India three years ago, unveiled a credit card in partnership with a bank, and aggressively pushed sales via its own online stores.

India’s smartphone shipments declined 11% in the September quarter, according to tech researcher Counterpoint. But Samsung was the only brand among the top five to clock annual growth, the research firm said.

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