A Surge in Brand Entry Signals India's Growing Retail Potential
14 June 2023, Mumbai
India is experiencing a record-breaking influx of 24 global brands this year, propelled by the post-Covid surge in consumption.
The number of brand entries in recent years pales in comparison, with only one in 2020, three in 2021, and 11 in 2022, far below the pre-pandemic average.
Global brands set up shops in India
Discussions are underway for prominent names like Roberto Cavalli, Dunhill, and Foot Locker to establish their presence in India. Additionally, Lavazza, Armani Caffe, Jamba, and The Coffee Club are set to make their Indian debut. Noteworthy brands including Valentino, McLaren, Balenciaga, Pottery Barn, Pret A Manger, Tim Hortons, and Popeyes have already ventured into the Indian market.
Prognosis
CBRE forecasts retail leasing to reach 5.5-6 million square feet in 2023, the second-highest figure since the peak in 2019. Fashion stores are leveraging partnerships with Reliance and Aditya Birla for strategic expansion. Aditya Birla Fashion and Retail has joined forces with Galeries Lafayette, while Reliance plans to reintroduce Shein.
Rising consumption propensity
India's rising spending power and its position as a prominent retail destination are attracting international brands. Experts predict a promising future for consumer technology and retail, with Ace Turtle recently teaming up with Dockers for their Indian market entry.
