The first Apple Store in India is set to open later this month. The latest report from The Economic Times says that one of the key conditions for Apple’s presence at Jio Drive Mall is that it requires 22 competing brands to be excluded from the store.
Reports suggest that Apple and Jio Drive Mall have signed an exclusivity agreement that does not allow any brand classified as a “competing brand” to display, sell or even advertise its products or services within the exclusive area of the mall.
Surprisingly, Samsung, which is considered one of Apple’s main competitors in the market, did not make the list. 22 competing brands are listed below (for more details on the report, visit here):
The report says the first Apple Store in India is an 11-year lease agreement, with Apple committing to pay at least 4.2 million rupees (currently about RMB 352,600) per month in rent and a 2 percent revenue share contribution for the first 36 months.
This will increase to 2.5 percent thereafter. Rent increases by 15% every three years. The store is said to be about 21,000 square feet, making it one of the largest Apple stores in the world.