Samsung India May Lay off 1,000 People, Faces Stiff Competition by Chinese Rivals & Online Brands
Samsung India to hand over pink slips to 1,000 employees, owing to stiff competition faced by Chinese brands and online focused brands.
Mumbai, July 2: Samsung is expected to remove 1,000 employees from their India office due to the stiff competition faced by the Chinese companies and online focused brands . As a result of this, the Korean giant has been forced to slash prices of smartphone, TV, and other products, thus reducing margins and profits, according to an Economic Times report. Samsung Galaxy A50, Galaxy A30 & Galaxy A10 Smartphones Launched in India.
The company has already laid of 150-odd employees at its telecom networks division and the entire manpower rationalisation exercise is expected to take place by October. Reportedly, as per industry estimates, Samsung India office has 20,000 employees, and the company has already frozen their recruitment in India since April. Depending on the performance in the upcoming season, this decision will be reviewed.
Facing intense competition heat from the Chinese rivals, Samsung dropped their prices, which impacted the bottom-line. Since end 2017, the company slashed the prices of their smartphones, TV by almost 25-40%.
(The above story first appeared on LatestLY on Jul 02, 2019 11:17 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).