Apple’s first retail store in India is set to open at the end of this month in Mumbai’s Jio World Drive mall, owned by businessman Mukesh Ambani.
However, reports suggest that an agreement prohibits around 22 rival brands from opening stores or placing advertisements near Apple’s store.
The list of banned brands includes Amazon, Facebook, Google, LG, Microsoft, Sony, Twitter, Bose, Dell, Devialet, Foxconn, Garmin, Hitachi, HP, HTC, IBM, Intel, Lenovo, Nest, Panasonic, and Toshiba.
It is speculated that Samsung is also included in the list. Apple has secured a lease for over 11 years with a 15 per cent rent escalation every three years and will reportedly pay a minimum monthly rent of Rs 42 lakh.
The company launched its online retail store in India in 2020 and with the physical retail stores opening, India has become a significant market for Apple.
The company’s website welcomed the people of Mumbai to its first store in India and expressed its eagerness to witness their creativity at Apple BKC. The launch plans were postponed in 2021 due to the COVID-19 pandemic.