LeEco confirms that its not exiting India despite of cutting 85% of Layoffs & departure of top executives


Recently we got news that LeEco had Layoffs and Departure of Top Executives & 85% of employees and it was supposed that LeEco is getting to quit its business in India but its better news for LeEco #Superfans that company tells Gadgets 360 that it has no plans to exit the market, though it did confirm layoffs, calling it an "optimisation exercise" . It also confirmed the exit of the COOs of two verticals. The company claims that "India is one of the most strategic markets for LeEco", and that it is only changing its strategy from "fast market expansion to healthy and sustainable growth". LeEco also stated that it will launch its next-generation TV in the coming week.
LeEco says that it plans to introduce several products in the Indian market this year, in the TV to smartphone segement, and that it is even going to invest in marketing initiatives as well. "Contrary to reports in certain sections of the media, LeEco has a healthy product pipeline for India this year. In fact, the company is gearing up for the launch of its next-generation TV scheduled in the coming week. Premium models of smartphones too are to follow. LeEco television and smartphone business continues in India and has gained significant market recognition.
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