NEW DELHI: Oppo Mobiles’ India managing director, Yi Wang, has stepped down from the post amid widening losses faced by the Chinese smartphone maker, and growing competition in the market.
“During a meeting between the Board of Directors of OPPO Mobiles India on the November 28, 2018, it has been mutually decided that Yi Wang, managing director of the company will step down from his position, effective November 30, 2018.
Wang played a crucial role in Oppo journey in the country, since it entered the Indian market,” the company said in a statement. Sources said that there was pressure from the Oppo management on the India team as it was not able to get desired results at a time when Xiaomi has captured the pole position for almost a year in the country. The Chinese company’s net loss widened to Rs 360 crore in 2017-18 from Rs 40 crore a year ago, as per documents filed with the Registrar of Companies (RoC).
It reported a net loss of Rs 7.8 billion for the half year ended September 30, 2018. Industry analysts largely attribute these losses to the company’s huge marketing spends. Navkendar Singh, associate research director at IDC said that the main reason behind the losses are huge spends, even as returns are not coming in.
“On the other hands, Vivo and OnePlus are doing well, thereby a change of guard was required,’’ he said