OPPO India MD Yi Wang steps down
The announcement comes amidst reports of the company facing mounting losses and increasing competition
Published - 03-December-2018
Amidst its mounting losses and increasing competition from players like Xiaomi, Chinese smartphone brand Oppo Mobiles India’s Managing Director Yi Wang stepped down. Media reports mentioned that the net losses in the country expanded to Rs 358 crore in 2017-18 from Rs 42 crore in the previous year. For the half year ending September 2018 losses were recorded at Rs 778 crore.
In a statement the company mentioned that board of directors of Oppo Mobiles India in consensus took the decision of Yi Wang'S resignation from his position, effective from November 30. It also mentioned that Wang played crucial role in the Oppo’s journey since its entry in the market. The new India MD wil be appointed in 'appropriate time.'
The loss can be attributed to its growing marketing costs. Last year it entered into a five-year contract worth Rs 1080 crore with Board of Control for Cricket in India (BCCI) for team’s jersey rights. It has been one of the title sponsors of Colors’ reality show ‘Bigg Boss’ for couple of years.
Post Wang's exit, in an interview to Economic Time, Charles Wong, India President, Oppo mentioned that India is a high priority market forming the centrepiece of their global growth strategy. He also pointed out that it has a ‘clear’ India strategy and will continue launching products to expand its base.
Before Wang’s resignation Oppo appointed Tasleem Arif as Vice-President and Head of R&D.
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