According to Gizcoupon’s report on April 11th, the first Apple Store in India is set to open later this month. The Economic Times has reported that one of the key conditions for Apple’s entry into the Jio Drive Mall was that 22 competing brands would not be allowed to set up shop there.
Apple and Jio Drive Mall signed an exclusivity agreement that prohibits any brands considered to be “competing” from displaying, selling, or promoting their products or services within the mall’s exclusive area.
Surprisingly, one of Apple’s main competitors in the market, Samsung, did not make the list of 22 competing brands. Gizcoupon has provided a list of the 22 brands:
- Amazon
- Bose
- Dell
- Devialet
- Foxconn
- Garmin
- Hitachi
- HP
- HTC
- IBM
- Intel
- Lenovo
- LG
- Microsoft
- Nest
- Panasonic
- Sony
- Toshiba
The lease agreement for India’s first Apple Store is reportedly for a duration of 11 years, with Apple committing to paying a monthly rent of at least 42 million Indian Rupees (approximately 3.5 million Chinese Yuan) and a 2% revenue share for the first 36 months, which will then increase to 2.5%. The rent will increase by 15% every three years. The store is said to be approximately 21,000 square feet in size, making it one of the largest Apple stores in the world.