India's $1.5T D2C market matures: digital-first brands grab 18% of H1 2026 retail leasing

Pulse 2026 report flags inflection: Nykaa, Sugar, Snitch and peers leased 595,000 sq ft in H1 2026 (18% of retail vs 8% YoY) as D2C brands chase physical presence. Meanwhile HUL, ITC, Marico are acquiring digital-first labels for premiumisation — Marico's D2C portfolio crossed ₹1,000 cr ARR.

— Source publishedTue, 9 Jun, 2026, 20:21 IST·First seen Tue, 9 Jun, 2026, 20:28 IST·Source BL · Consumer & Economy

What happened

India D2C sector · Strategic Growth Advisors' Pulse 2026 report says India's $1.5T D2C market is maturing: brands like Nykaa, Sugar, Snitch are leasing physical

Key facts

  • 595,000 sq ft retail leasing H1 2026
  • 18% of retail leasing vs 8% YoY
  • $1.5T retail opportunity
  • BPC $24B FY25 to $40-45B FY30
  • online penetration 6% FY20 to 34% FY30
  • Marico ₹1,000 cr ARR digital-first
  • 45% protein revenue from q-comm/e-comm

Why this matters

With Marico's D2C ARR past ₹1,000 cr and FMCG majors actively buying digital-first labels, valuations are firming fast—move on premiumisation targets now or watch multiples expand.

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