3,000 stores to open in India as it becomes the world's most promising retail market
The recent implementation of the GST along with the rise of e-commerce has caused over 50 brands to announce that they will launch in India in the next six months.
Data compiled by Franchise India states that a large number of brands, including 14 from the US and 11 from Singapore, are set to start business in India. The main sectors they will be doing business in are the food and beverage industry where 18 new brands will be launching and the apparel and lifestyle industry where 13 brands will be launching. Just some of these international fashion, cosmetic, and lifestyle brands launching at present in India are Greece's bag manufacturer Migato and Lush Addiction, a jewellery company from Singapore using Swarovski crystals in its designs. Others include Korres, Monnalisa, Evisu, and Melting Pot. Education-focused brands will also be coming to India from abroad.
An AT Kearney report stated that this month India overtook China as the most promising retail market in the world. Many international companies are experiencing troubles in their home countries due to the economic downturn and so are hoping that launching in India will help to boost their finances. India is currently an attractive market to launch in due to its growing middle class as well as increasing urbanisation. Moreover, e-commerce is blossoming as more and more labels are experiencing success through online retail portals.
The government has now allowed 100% foreign ownership in business to business e-commerce ventures and has made efforts to boost cashless payments which is making the online market easier to break into for foreign firms.
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