The first Gap store will open in New Delhi on May 30, and with it India’s retail market is expected to see dramatic changes, for Gap is one of the world’s most iconic brands. The launch proves India’s growing market strength for foreign brands.
“Last time I visited India in 2010, I saw the market and went back. The weak market was not favourable for foreign brands. There were not too many malls and the market response was not good,”
He also added that the company was not able to find good partners for the Indian market, which made them defer their plans to enter the Indian shores. “The infrastructure was not good. But now, we have entered into a 20 year long partnership with
India’s changing FDI norms have helped immensely in building up such strong markets for global brands. Though Stefan is quite optimistic about the growth of
In fact there has been a tremendous growth in retail industry since 2013. India’s retail market is expected to double to US $1 trillion by 2020 from US $600 billion in 2015.the industry is driven by income growth, urbanisation and attitudinal shifts.
Also, right now there seems to be not much competition for Gap in India.
“We see every brand in India as a competition. We don’t see any particular brand as a competitor right now. We have been encouraged by the positive response from our launch efforts thus far. We are looking forward to providing a unique branded shopping experience across India,” said Ismail Seyis, Vice President of Gap Franchise.
With Modi’s
(image credits: