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Samsung India to lay off up to 20% of its workforce due to declining sales and market share.
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The company faces challenges such as unresolved issues with offline retailers, executive departures, and declining smartphone shipments.
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Samsung’s market position has dropped to third place in India, with a volume market share of 12.9% and a value market share of 16%.
Samsung India is facing significant challenges, including declining sales and market share, leading to layoffs and restructuring. The company is expected to cut up to 20% of its Indian workforce, affecting multiple departments. This move comes as Samsung experiences its lowest market share in India in a decade.
The company’s troubles extend beyond sales, with unresolved issues with offline retailers, including differential pricing and reduced margins. Executive departures have also impacted the company, with up to 30 senior executives leaving in recent quarters. These challenges have contributed to a decline in Samsung’s market position, dropping to third place in India.
Samsung’s smartphone shipments have fallen by 15.4% in the April-June quarter, marking its third consecutive quarterly decline. The company’s value market share has also dropped to 16% from 23% in the previous quarter. With the festive season approaching, Samsung faces further challenges, including a strike at its Chennai manufacturing plant.
