As per a report, retail activity in the country is set to pick up, with around 20 foreign brands likely to enter India in the next eight months. The Financial Express (FE).
This is double the number of foreign brands entering India annually in the pre-pandemic period.
Experts say that rising affluence and consumer choice is what draws these brands to India.
Big conglomerates like Reliance and Aditya Birla are open to partnering with foreign brands.
Abhinav Joshi, head of research for India, Middle East and North Africa at CBRE, said global markets are witnessing a slowdown and recession concerns.
“On the contrary, retail sentiment in India remains upbeat despite pressure from food inflation. Spending in non-essential categories will pick up as the festive season approaches.” Joshi said.
Brands that are planning to enter India in the next few quarters include Italian fashion brand Roberto Cavalli, American brand Foot Locker, Armani Cafe, Armani’s luxury cafe brand, British luxury brand Dunhill, Dubai-based brands For Less, Old Navy and Banana Republic included. All apparel from Gap, Chinese brand Shein, Valentino from Maison de Couture, Spanish luxury brand Balenciaga, UK-based Cafe EL&N, Paris from Gallery Lafayette, Kiabee, Mawi, Damat, Dufy, Tudba Dairy, Avva, Boohuman and Miss Poem Turkey and Europe brands.
Barring Galleries Lafayette, which has tied up with Aditya Birla Fashion & Retail for its India entry, most other names are either in talks with Reliance Brands or have already tied up with the company.
The brands are looking to set up stores in Mumbai, Delhi-NCR, Bengaluru and Hyderabad in the first phase of the launch before expanding their presence to Pune, Ahmedabad, Chennai and Kolkata, reports FE.
Devangshu Dutta, CEO of Gurugram-based consultancy Third EyeSight, said retail opportunities in India are attractive.
“Some of these brands that have come before have also tasted success, especially in the fast fashion category. This shows that brand awareness is on the rise and people are ready to spend on global products as discretionary income rises,” he said.
Japanese retailer Uniqlo on Wednesday announced that it is setting up two stores in Mumbai in October.