24 global brands coming to India this year: International companies investing in the world’s 5th largest market.
This year, more than 24 global brands in the country will open stores in India. Most of these will be food and beverage companies. This is twice the average number of global brands visiting India every year. In fact, consumer spending is increasing in India, which is among the top-5 consumer markets in the world. India is also on top in terms of population. Because of this, global companies are seeing a big opportunity here.
The number of global brands (24+) moving to India this year is the biggest in a decade. These include Dunhill, Roberto Cavalli, Lavazza, Armani Cafe and Foot Locker. According to Nitin Chhabra, CEO of Ace Turtle, India is going to be the best market for consumer companies in this and the next decade.
Domestic companies are partnering
Reliance Brands and Aditya Birla Fashion and Retail are partnering with many foreign brands. In recent years, Reliance has added 50 foreign brands to its portfolio.
Global brands coming to India for five reasons
- India is currently a huge market with 473 million consumers.
- India’s retail industry is expected to grow at a rate of 9 per cent annually this decade.
- In the next 3 years, the retail industry will be worth 11.62 lakh crores.
- This year, the country is estimated to increase 3.10 crore consumers.
- India is currently one of the most attractive countries to invest in the retail space.
