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Major luxury brands such as Louis Vuitton and Gucci are expanding their business in India as they are set to open new branches inside the new luxury mall owned by Mukesh Ambani’s Reliance Industries Limited. The mega-mall called the Jio World Plaza is soon opening its doors to shoppers.
It was reported that many world-renowned luxury brands have already secured space for their respective stores in the new mall. As per DNA India, the luxury department store may charge Louis Vuitton, Gucci, and other brands more than Rs 40 lakh per month as rent.
The Jio World Plaza is said to be the latest major project of Mukesh Ambani’s Reliance company. It is taking this big step to further strengthen its retail business. The soon-to-be-launched mall, the Reliance Group, is opening one of India's most luxurious and exclusive shopping malls.
Gucci, Cartier, and Louis Vuitton are some of the first luxury fashion houses that have already signed a lease contract for store operation at the Jio World Plaza. The mall is located in Mumbai’s Bandra Kurla Complex (BKC), which is the center of Reliance’s business empire.
In any case, the other luxury brand names that are expected to open their outlets in this mega-mall are Burberry, Bulgari, Dior, IWC Schaffhausen, Kering, Richemont, and Rimowa. Under Kering, Balenciaga, Bottega Veneta, Yves Saint Laurent, Creed, and Alexander McQueen are set to open their first mall branch in India.
Finally, according to Reuters, sources shared that Reliance Industries’ Jio World Plaza is likely to open this year. Mukesh Ambani’s company has yet to disclose exact details about the tenants in his new luxury mall, but some real estate documents from CRE Matrix confirmed some of the major luxury names have already agreed to rent spaces for their stores.
Photo by: Melanie Pongratz/Unsplash
