'The Indian retail landscape is poised for a significant shift with the anticipated arrival of several prominent international luxury fashion brands in 2024.'
Around 25 international retail brands selling lifestyle and luxury products may enter India in 2024, say real estate consultants, strengthening demand for commercial property leasing.
As many as three such brands came to India in 2021 and 11 did so in 2022. Some 24 international brands are estimated to have entered the Indian market in 2023, drawn by the country's middle class.
In January 2024, French fashion and fragrance brand Maison Margiela opened a store in Mumbai's Jio World Drive in partnership with Shoppers Stop and L'Oreal International Distribution.
Later in February, British menswear brand Charles Tyrwhitt opened its first store in Ahmedabad.
Swedish lifestyle brand Gaston Luga started sales in the country via e-commerce platforms Ajio Luxe, Tata Cliq Luxury and The White Crow.
Brands likely to enter India this year include Spanish fashion group Tendam and French apparel brand Kiabi.
Global apparel brand Dockers, which opened its first India store in Delhi in February, will open 20 stores in the country in the next two years.
French luxury conglomerate SMCP, in partnership with Reliance Brands Limited, plans to introduce two labels in India this year: Sandro and Maje.
"The Indian retail landscape is poised for a significant shift with the anticipated arrival of several prominent international luxury fashion brands in 2024," said Anshuman Magazine, chairman and CEO - India, South-East Asia, Middle East & Africa at CBRE, an international real estate company.
"Renowned names such as Brioni, Roberto Cavalli, and Dunhill are expected to launch stores, catering to the growing demand for high-end fashion within the country," he said.
According to Anuj Kejriwal, CEO and managing director at Anarock Retail, foreign retail companies are coming to India for its middle class.
"The spending power of urban Indian consumers is rising, and branded products in categories like apparel, cosmetics, footwear, watches, beverages, cuisine, and even jewellery are progressively becoming popular for use in business and leisure," he said.
Magazine said India's economic growth and its "openness to global trends" attract foreign brands.
In 2023, the country's retail leasing touched a record 7.1 million sq feet, 47 per cent more than in 2022. The operational retail stock stood at 91 million sq ft in 2023.
In the next four years, the stock is likely to jump 45 per cent to 132 million sq feet, according to a recent report by JLL.
Kejriwal said 15 to 20 international brands are considering partnerships with Indian companies.
"Overall, we expect to see a significant number of international brands entering India in the next few years," he said.
Delhi, Mumbai, Bangalore and Hyderabad -- in that order -- will have the highest rise in demand for retail space, according to Abhishek Sharma, director (retail agency) at Knight Frank India.
Feature Presentation: Ashish Narsale/Rediff.com
