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Apple's performance in China's smartphone market has seen a decline in the second quarter of 2024. The company's market share fell to 14%, down from 16% a year ago, and 15.7% in the first quarter. This decline comes despite an overall 6% rise in smartphone sales in China, indicating a recovery in the market.
The decrease in Apple's market share has been attributed to the rising popularity of local brands, particularly Vivo, Huawei, and Xiaomi. These brands have experienced double-digit shipments growth. For the first time ever, the iPhone has dropped out of the list of the top five smartphones in the country over the three months.
These findings are based on industry reports by Canalys, International Data Corp., and Counterpoint Research.
French luxury mogul Bernard Arnault on Friday disclosed that the late Steve Jobs had once sought his counsel on the retail strategy for Apple , despite skepticism from industry rivals.
What Happened: While appearing on CNBC, Arnault reminisced about a conversation with Jobs when Apple was considering the launch of its first retail store. The late Apple co-founder intrigued by Arnault’s success with the luxury brand Vuitton, sought his views on the venture.
Arnault said that he suggested Jobs inaugurate the first Apple store at a prime location, hinting at emulating Vuitton’s strategy. The first Apple store was launched in Tokyo, directly across a Vuitton outlet on Ginza, and it turned out to be a massive success.
Arnault said that Michael Dell, the founder of Dell Technologies, had expressed reservations about Apple’s direct retail strategy. “It proved to be a fantastic success. When, at the time, many of his competitors, I remember Dell, for instance, saying it would never work, these direct shops,” he stated.
During their interaction, Jobs also acknowledged the durability of Arnault’s products, contrasting it with the unpredictability of the tech industry’s success over time.
“He was very smart, obviously, and very creative also. But he told me, ‘You know, I like your products. And you have an advantage on me.’ I said, ‘Well, which one?’ ‘I don't know if my iPod will still be successful in 10 years. But what I know is your Dom Perignon will be sold in a century,'” Arnault said.
Squawk Box@SquawkCNBCJul 26, 2024.@LVMH Chairman and CEO Bernard Arnault on speaking with Steve Jobs when Apple was thinking about opening its first retail store:
"It proved to be a fantastic success. When at the time many of his competitors, I remember [Michael] Dell for instance, saying it would never work." pic.twitter.com/Ex3ypFMmzq
Subscribe to the Benzinga Tech Trends newsletter to get all the latest tech developments delivered to your inbox.
Why It Matters: Bernard Arnault’s advice to Steve Jobs came from his extensive experience in the luxury retail sector. His success with Vuitton is a testament to his understanding of the retail landscape.
The French luxury mogul currently has a net worth of $188 billion, making him the third wealthiest individual in the world, according to the Bloomberg Billionaire Index. However, Arnault’s fortune has seen a significant drop recently.
Earlier this week, it was reported that nearly half of Arnault's wealth is tied to his stake in LVMH-Moët Hennessy Louis Vuitton, which saw a nearly 5% decline in over-the-counter shares after earnings fell short of expectations.
Check out more of Benzinga's Consumer Tech coverage by following this link.
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Adds details from filing, no immediate TikTok comment
By David Shepardson
July 26 (Reuters) - The Department of Justice late on Friday asked a U.S. appeals court to reject legal challenges to a law requiring China-based ByteDance to divest TikTok's U.S. assets by Jan. 19 or face a ban.
"The serious national-security threat posed by TikTok is real," the department said. "TikTok provides the Chinese government the means to undermine U.S. national security in two principal ways: data collection and covert content manipulation."
TikTok and parent company ByteDance and a group of TikTok creators have filed suits to block the law that could ban the app used by 170 million Americans.
The DOJ's filing details wide-ranging national security concerns about ByteDance's ownership of TikTok.
"China’s long-term geopolitical strategy involves developing and pre-positioning assets that it can deploy at opportune moments," the government said.
"The United States is not required to wait until its foreign adversary takes specific detrimental actions before responding to such a threat."
The government also is filing a classified document with the court that will detail additional security concerns about ByteDance's ownership of TikTok as well as declarations from the FBI, Office of the Director of National Intelligence and Justice Department's National Security Division.
The Justice Department argues TikTok under Chinese ownership poses a serious national security threat to Americans because of its access to vast personal data of Americans and will argue China can covertly manipulate information that Americans consume via TikTok.
TikTok, which has repeatedly denied it would ever share U.S. user data with China, did not immediately comment.
Signed by President Joe Biden on April 24, the law gives ByteDance until Jan. 19 to sell TikTok or face a ban. The White House says it wants to see Chinese-based ownership ended on national security grounds, but not a ban on TikTok.
The department rejecting all of the arguments raised by TikTok, including that the law violates the First Amendment free speech rights of Americans that use the short video app, saying the law is aimed at addressing national security concerns, not speech and is aimed at China's ability to exploit TikTok to access Americans sensitive personal information.
The government added TikTok's efforts to protect U.S. user data are insufficient.
The U.S. Court of Appeals for the District of Columbia will hold oral arguments on the legal challenge on Sept. 16, putting the fate of TikTok in the middle of the final weeks of the 2024 presidential election.
Republican presidential candidate Donald Trump has joined TikTok and told an interviewer in June he would never support a TikTok ban. Vice President Kamala Harris, who is running for president, joined TikTok this week.
The law prohibits app stores like Apple AAPL.O and Alphabet's Google GOOGL.O from offering TikTok and bars internet hosting services from supporting TikTok unless it is divested by ByteDance.
Driven by worries among U.S. lawmakers that China could access data on Americans or spy on them with the app, the measure was passed overwhelmingly in the U.S. Congress just weeks after being introduced.
(Reporting by David Shepardson; Editing by Sandra Maler and Stephen Coates)
(( David.Shepardson@thomsonreuters.com ; 2028988324; ))
Keywords: USA-TIKTOK/ (UPDATE 1, PIX)
Corrects headline to add dropped space, no change to story text
By David Shepardson
July 26 (Reuters) - The Justice Department late on Friday asked a U.S. appeals court to reject legal challenges to a law requiring China-based ByteDance to divest TikTok's U.S. assets by Jan. 19 or face a ban.
TikTok and parent company ByteDance and a group of TikTok creators have filed suits to block the law that could ban the app used by 170 million Americans.
The Justice Department will detail wide-ranging national security concerns about ByteDance's ownership of TikTok.
The government is also filing a classified document with the court that will detail additional security concerns about ByteDance's ownership of TikTok as well as declarations from the FBI, Office of the Director of National Intelligence and Justice Department's National Security Division, a senior official said.
The Justice Department will argue TikTok under Chinese ownership poses a serious national security threat to Americans because of its access to vast personal data of Americans and will argue China can covertly manipulate information that Americans consume via TikTok, a Justice Department official said.
Signed by President Joe Biden on April 24, the law gives ByteDance until Jan. 19 to sell TikTok or face a ban. The White House says it wants to see Chinese-based ownership ended on national security grounds, but not a ban on TikTok.
The department is rejecting all of the arguments raised by TikTok, including that the law violates the First Amendment free speech rights of Americans that use the short video app, saying the law is aimed at addressing national security concerns, not speech and is aimed at China's ability to exploit Tiktok to access Americans sensitive personal information, a senior Justice Department official said.
The government will tell the court that TikTok's efforts to protect U.S. user data are insufficient.
The U.S. Court of Appeals for the District of Columbia will hold oral arguments on the legal challenge on Sept. 16, putting the fate of TikTok in the middle of the final weeks of the 2024 presidential election.
Republican presidential candidate Donald Trump has joined TikTok and told an interviewer in June he would never support a TikTok ban. Vice President Kamala Harris, who is running for president, joined TikTok this week.
The law prohibits app stores like Apple AAPL.O and Alphabet's Google GOOGL.O from offering TikTok and bars internet hosting services from supporting TikTok unless it is divested by ByteDance.
Driven by worries among U.S. lawmakers that China could access data on Americans or spy on them with the app, the measure was passed overwhelmingly in the U.S. Congress just weeks after being introduced.
(Reporting by David Shepardson; Editing by Sandra Maler)
(( David.Shepardson@thomsonreuters.com ; 2028988324; ))
Keywords: USA-TIKTOK/ (CORRECTED, URGENT, PIX)
Adds background in paragraph 3, 4
July 26 (Reuters) - The International Association of Machinists and Aerospace Workers (IAM) Coalition of Organized Retail Employees (IAM CORE) reached a tentative agreement with tech giant Apple AAPL.O on Friday over improvement in work-life balance, pay raises and job security.
Workers at the Towson, Maryland, Apple retail store, the first in the country to unionize, will vote on the tentative agreement on August 6.
Workers at Apple's Towson store voted in favor of authorizing a strike in May.
In June 2022, Apple workers at Maryland voted to join the International Association of Machinists and Aerospace Workers union, becoming the first retail employees of the tech giant to unionize in the United States.
Apple did not immediately respond to a Reuters request for comment.
(Reporting by Devika Nair in Bengaluru; Editing by Sandra Maler and Stephen Coates)
(( Devika.MadhusudhananNair@thomsonreuters.com ;))
Keywords: APPLE-UNION/MARYLAND (UPDATE 1, PIX)
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