Oppo Mobile’s net loss in India stood at Rs 358 crore during the 2017-18 period. Yi Wang was promoted to Oppo India MD position around three years ago
Oppo India’s Managing Director Yi Wang has resigned from the company. His resignation has come at a time when the China based smartphone manufacturer is facing increasing losses in the country.
Wang will be leaving Oppo on 30 November 2018. Oppo Mobile’s net loss in India stood at Rs 358 crore during the 2017-18 period. The net loss, Oppo faced exactly a year ago, was Rs 42 crores.
Oppo’s regulatory filing with Bombay Stock Exchange read, “In a captioned meeting, the Board of Directors of the company discussed and passed the resolutions with respect to the following – resignation of Yi Wang, Managing Director of the Company, with effect from 30 November.”
Yi Wang’s journey with Oppo
Wang was promoted to Oppo’s MD position about three years ago. He had played a key role in elevating Oppo smartphones among the league of top 5 smartphones in the country. Oppo’s market share under his leadership increased from less than two per cent to over seven per cent in three years time (2015-2018).
Oppo Mobiles India official statement said “It has been mutually decided that Yi Wang will step down from his position. He has been an important part of Oppo’s journey in India and played a crucial role in the company’s success.”
The company had signed a staggering Rs 10.8 billion contract with Board of Control for Cricket in India (BCCI). This contract gave jersey rights to Oppo for a period of five year. Oppo is also famous for spending millions on advertising and branding in the country.
Oppo had recently announced that it will be investing RMB 10 million in research and development during 2019. It had also shared plans of developing smart devices and smart home technologies including smart watches.
It is to be noted here that Vivo, another smartphone brand that operates under the umbrella of China based BBK Electronics, has also posted net losses worth Rs 1.2 billion during the 2017-18 period. However, the net loss figures posted by Vivo’s are lesser when compared to Oppo’s loss figures.