Micromax is one of the most popular smartphone brands in India, but has been facing some hard competition from low-priced chinese handsets. Based on a new report, the company’s CEO Vineet Taneja has quit and will seek new opportunities.
Shipments have fallen over the past few quarters, which the company obviously isn’t thrilled about. Sources believe that the decline is due to the emergence of super affordable chinese handsets. These include but are not limited to phones from rivals like Xiaomi and Lenovo.
Vineet Taneja sparked a great period of growth for the company when he first took over after leaving Samsung Electronics in 2014. Growth was off the charts during his time increasing exponentially back-to-back quarters. However, this came to an end this past year. During the same period that Taneja was in power, the company expanded internationally, Russia being the biggest addition. If Micromax wants to continue bringing in large profits, they’ll have to make a comeback in the smartphones sector, which still makes up a large portion of the pie.
Source: WSJ
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