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LeEco troubles continue as company closes only shop in Russia

It's loss after loss for LeEco (Source: Mobileworldlive)
It's loss after loss for LeEco (Source: Mobileworldlive)
Chinese company LeEco has been in dire straits over the last few months, with their attempts at expanding into the Indian, American, and European markets meeting with significant stumbling blocks. This time, reports have claimed that the company's only shop in Moscow is facing closure.

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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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2017 08 > LeEco troubles continue as company closes only shop in Russia
Ricci Rox, 2017-08-11 (Update: 2017-08-11)
Ricci Rox
Ricci Rox - News Editor - @riccirox
I'm a freelance copywriter who lives and dies for tech. Android, ​especially. The smartphone market is one going through an impressive growth spurt, so I crawl the Internet with keen interest in a technological ecosystem that doesn't seem to be slowing down anytime soon.