21 August 2023, Mumbai
Retail activity in India is poised to surge as around 20 foreign brands are anticipated to make an entry within the next 6-8 months, doubling the yearly influx of about 10 brands seen prior to the pandemic.
Why are foreign brands drawn to India?
Foreign brands are drawn by India's enticing retail market, burgeoning affluence, and evolving consumer preferences. Major conglomerates like Reliance and Aditya Birla are keen on partnerships with overseas brands, with Reliance Brands leading the charge.
Despite global market slowdowns, India's retail sentiment remains upbeat
Despite global market slowdowns, India's retail sentiment remains upbeat, with expected growth in non-essential spending as the festive season approaches. A recent CBRE report revealed a 24% YoY increase in India's retail leasing activity for H1 2023, primarily driven by foreign and domestic brands.
The latter half of the year is projected to sustain strong double-digit leasing growth
The latter half of the year is projected to sustain strong double-digit leasing growth, aiming to reach 5.5-6 million sq. ft. by the end of 2023.
Numerous foreign labels, including Roberto Cavalli, Foot Locker, and Balenciaga, are eyeing Indian entry, often partnering with Reliance Brands. Mumbai, Delhi-NCR, Bengaluru, and Hyderabad are initial launch targets.
