Global luxury brands such as Gucci, Cartier and Louis Vuitton, among others, have reportedly signed leases for retail spaces in billionaire Mukesh Ambani’s new mall in Mumbai. This comes as these brands and Reliance Industries look to tap lucrative prospects presented by India’s strong economic growth and a rapid increase in the number of millionaires, according to a report in Reuters.
Jio World Plaza is likely to open this year, the report said citing an industry source. The new mall is located inside Reliance Industries’ impressive $1 billion business and cultural complex in Mumbai’s bustling business district.
While the details of the tenants have not been made official by Reliance, lease documents by real estate analytics firm CRE Matrix have pointed that Burberry Group, along with various brands owned by Moët Hennessy Louis Vuitton (LVMH), Kering and Richemont have agreed to rent shops in the mall. Additionally, these brands have agreed to share a percentage of their monthly net revenue with Reliance, ranging anywhere between 4 per cent to 12 per cent.
The brands include jewellers Cartier and Bulgari, fashion houses Louis Vuitton, Dior and Gucci, watch brand IWC Schaffhausen and luxury luggage maker Rimowa, which will open its first outlet in India, Reuters reported.
Louis Vuitton’s Jio World Plaza store, at almost 700 square metres (7,500 square feet), will be the most spacious of its four outlets in India. For Cartier, it will be its second store in India and for Dior, it will be the third.
India’s 1.4 billion population, the world’s biggest, has a per capita income of just $2,300, but the country is also home to many millionaires who are splashing out on everything from luxury homes to expensive SUVs.
Real estate consultants Knight Frank estimate India will have 1.4 million millionaires by 2026, 77 per cent more than in 2021, as the economy continues to strengthen.
(With agency inputs)
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