Dubai-based Apparel Group, one of the Middle East’s largest fashion and lifestyle retail conglomerates, is exploring an initial public offering for its India operations, according to reports from Bloomberg and FashionNetwork. The potential listing would represent one of the first major IPOs by a Dubai-headquartered retailer targeting the Indian market.
Apparel Group operates over 2,000 stores across the Gulf region and internationally, carrying brands including Tommy Hilfiger, Levi’s, and Aldo. Its India division has grown significantly in recent years, capitalising on the country’s expanding middle class and booming retail sector. Sources indicate that the company is evaluating a listing on Indian stock exchanges that could value the India business at several hundred million dollars.
The move comes amid a wave of IPO activity in India’s consumer sector, where strong domestic demand and favourable market conditions have encouraged several international brands to pursue local listings. India’s retail market is projected to reach $1.4 trillion by 2027, making it one of the world’s fastest-growing consumer economies.
For Apparel Group, an India IPO would provide capital to accelerate store expansion and digital capabilities in the subcontinent while allowing the parent company to unlock value from one of its highest-growth divisions. The group’s leadership has previously signalled ambitions to deepen its presence in South and Southeast Asia.
Retail industry analysts note that a successful listing could encourage other Gulf-based retailers with Indian operations to consider similar structures. However, pricing and timing will be critical, as India’s IPO market has seen both strong demand and occasional oversupply in recent quarters.
