Over the last few years, India's retail landscape has evolved significantly. We have seen consumers become increasingly brand conscious, globally connected, and more willing to engage with premium and international brands. At the same time, the retail ecosystem itself has matured, with the emergence of world class destinations capable of delivering the scale, experience, and visibility that global brands seek for their flagship concepts.
Carbon pricing would be the most structurally embedded risk and hardest to reverse. Carbon pricing is different as it sits directly on Scope 3, where 96–99% of apparel emissions occur. That means it’s embedded in Tier 2 manufacturing and upstream energy systems. Unless those systems decarbonise, cost exposure compounds year over year.