LeEco troubles continue as company closes only shop in Russia
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Chinese corporation LeEco has been in a bit of a pickle, with their incursion into the United States market ending in unmitigated disaster. The company is set to close its only shop in Russia, which is indication of its failure in expanding into the European market.
LeEco, last year, made attempts at spreading its wings into the US, Indian, and Russian markets. The company's business in all three countries are, for the most part, dead, as reports had it as laying off 85% of its Indian workforce, and 70% of the American arm. The company, a Chinese corporation in the mold of Netflix, tried to expand into these markets with the aim of bringing super TVs and futuristic technology to the public at incredible bargain prices. Their smartphone arm is visible proof of this market model, as the company has developed a penchant for producing well-designed, powerful devices with lower mid-range price tags.
LeEco's Russian arm reportedly had a goal of 100 million shipments in 2017 but its troubles have seen it ship just over 40 thousand units this year. There's a chance that the closure of the shop in Moscow may only be the first step in the re-strategizing of the company's business model but we wouldn't hold our breaths over that.
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