In order to establish their presence in the Indian market and satisfy the rising demand for luxury goods by Indian consumers, up to 27 new international retail brands entered the country in 2024, nearly doubling from 14 in 2023, according to real estate consultant JLL.
According to the company, 60 foreign merchants have entered the Indian market in the last four years in an effort to satisfy the country’s ongoing demand for international brands. In 2024, the three largest store categories with the largest retail footprints in the nation were fashion and apparel; footwear, bags, and accessories; and beauty, cosmetics, and wellness.
The EMEA (Europe, the Middle East, and Africa) region accounts for 56 Percent of the incoming brands. Retailers from France and Italy, in particular, achieved significant gains.
More than half of these foreign retailers decided to open their first outlets in Delhi-NCR, with Mumbai coming in second. In 2024, luxury retail continued to grow rapidly, with high-end companies renting out roughly 1,90,000 square feet of space.
Nearly half of the total luxury space leased throughout the year was in the fashion and apparel sector, which is where luxury retailers are most interested in growing their presence in India.
Increased urbanisation, increased disposable income, and changing consumer preferences all contribute to this trend, which makes India one of the world’s most dynamic retail economies.
