On Monday, India announced that Nipun Marya, who previously served as Director of Vivo India for five years, has been named the company’s new CEO. Under his leadership, iQOO aims to increase its online market share in the mid-premium space in the country from 5% to 10% by next year.
iQOO, a Vivo-owned online-only brand, was launched in 2019 and primarily sells mid-range devices with a performance focus. Gagan Arora, director of marketing for India, led the company’s entry into India in early 2020 and will continue to be a part of it.
Marya, who takes over as CEO immediately, says he wants to build “a robust brand awareness among the country’s millennial and Gen Z smartphone lovers.”
“iQOO’s target audience is tech-savvy young Indians who go into the details before purchasing smartphones. The ‘make in India’ brand will offer cutting-edge, top-of-the-line specifications for users who want premium experiences from their devices,” he told IANS.
Under Marya’s leadership, Vivo ranked third with a 15% market share in Q3 2021 and became the top 5G smartphone brand for the first time in the same quarter. IQ, on the other hand, experienced a tremendous 671 percent increase in Q3.
This has been made feasible by devices like the IQ Z5, which boasts a 120Hz display, Snapdragon 778G CPU, 64MP camera, and more for under $23,990. “in India is at an exciting juncture right now. Today, its success is evident as a premium high-performance brand that has seen enthusiastic acceptance amongst young buyers. Our smartphones like iQOO 7, Z5, and Z3 have been the highest-rated smartphones in their respective segments on Amazon.
This inspires us to further strengthen our ambitions to bring a bold line of breakthrough innovations in future products. I am looking forward to driving this next phase of growth for the brand and doubling the online market share in the mid-premium segment from 5% to 10% by 2022,” said Marya.
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