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India is one of the fastest growing major-economies in the world. Also emerging with it is India’s retail market. Brought forth by a post-pandemic consumption surge in apparel purchases due to an increase in the spending power, greater economic strength and a strong influence of social media’s latest trends, Indian consumers have captivated the eyes of international brands.
India’s retail market ranks as the fifth- largest in the world. According to a report, The Indian retail market is estimated to be worth $1.3 trillion as of 2022 and is expected to grow up to a whopping INR 120.59 Tn by FY 2027 at a compound annual growth rate (CAGR) of 14.22%. This growth trajectory demonstrates the immense potential and promising future of the Indian retail industry.
As reported by the Economics Times, about two dozen international brands are expected to enter India with their stores this year, the most in a decade. Italian luxury brands Valentino and Roberto Cavalli, British luxury goods brand Dunhill, American sportswear and footwear retailer Foot Locker are in talks to enter India. In addition, chains such as Lavazza and Armani Caffe of Italy, Jamba of the US and The Coffee Club from Australia are also likely to enter India this year.
In 2022, India saw entries by USA’s famous home furnishing brand Pottery Barn in Delhi and UK’s Pret `a Manger in BKC, Mumbai. Tim Hortons and Popeyes, after experiencing massive successes with their initial store openings, followed with a rapid expansion across India. They have also customized their menus according to Indian taste buds with Tim Hortons bringing in city specific menu items at their stores.
Another highly anticipated expansion- the Japanese apparel retailer UNIQLO. UNIQLO is set and ready to launch two new outlets in Mumbai as a part of their West-India expansion phase. The brand has already made its mark in north India and has built a strong e-commerce presence not only up north but also in Mumbai. So much so that more than 40% of its online traffic is witnessed from Mumbai itself. The average order value of Mumbai customers is in fact 10% higher than those from other locations.
India is set to witness a substantial rise in the number of international brands in the next couple of years as they continue to see the increasing value and the potential India holds. Metaphorically, the Indian market is one large pie that international brands want a slice of.
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