Foreign retailers keen to have a piece of the Indian luxury pie

In early 2024, India's retail sector saw a surge of interest from international luxury brands, resulting in a significant rise in retail leasing to 3.1 million sq ft. Brands like Maison Margiela and Michael Kors expanded their presence, attracted by India's growing affluent consumer base. Cities such as Mumbai, Delhi, and Bengaluru became key hubs for luxury retail. Leasing was predominantly driven by domestic firms at 73%, with EMEA retailers at 13%, American retailers at 10%, and APAC retailers at 4%. The influx reflects rising disposable incomes and consumer appetite for high-end products.