Apple India has leased 7997.8 sq ft of premium retail space at Phoenix Mall of Asia in North Bengaluru, marking its aggressive expansion into India’s luxury retail market. The lease, signed with Sparkle One Mall Developers, spans 10 years, with an annual rent close to ₹2 crore and a ₹1.046 crore security deposit. Rent billing begins August 2025, with a 15% escalation every three years.

The agreement also includes a revenue-sharing model, starting at 2% for the first 36 months and 2.5% thereafter, capped at twice the minimum guaranteed rent.

This move complements Apple’s wider strategy in India, aligning with manufacturing growth as Foxconn's new facility in Devanahalli nears completion. With Bengaluru emerging as a tech and retail hub, Apple’s investment signals confidence in India’s growing premium consumer base.

Experts say the lease is a calculated step to capture India’s surging demand for high-end retail experiences.