Iconic luxury brands such as Gucci, Cartier, and Louis Vuitton are exploring the possibility of establishing flagship stores within Mukesh Ambani’s Jio World Plaza, situated in New Mumbai. Sources indicate the plaza’s potential opening this year, forming part of Reliance’s colossal $1 billion business hub.
Potential Flagship Stores of Luxury Brands in Mukesh Ambani’s Jio World Plaza
Although Reliance has not officially disclosed the lessees for these stores, real estate firm CRE Matrix documents suggest that renowned brands such as Burberry Group, LVMH, Kering, and Richemont have expressed interest in renting spaces within the mall. Moreover, a revenue-sharing arrangement, ranging from 4% to 12% of their monthly net revenue, is anticipated between these brands and Reliance.
High-End Brands Eyeing Space in New Mumbai’s Prominent Mall
Anuj Kejriwal, CEO of the real estate services company Anarock Retail, highlighted the challenges luxury brands face in securing prime retail spaces within India. Many have had to initially open their outlets within luxury hotels due to these difficulties. The Louis Vuitton store at Jio World Plaza, covering an impressive 700 square meters (7,500 sq ft), is poised to become the brand’s largest outlet among its four in India. Additionally, Cartier’s store will mark the brand’s second outlet in the country, while Dior’s presence will extend to its third store in India.
Despite India’s per capita income being $2,300, the country boasts 800,000 dollar millionaires who invest in luxury homes and high-end SUVs. According to estimates by real estate consultant Knight Frank, India is projected to witness a substantial surge in millionaires, reaching a total of 1.4 million by 2026, reflecting a 77% increase from 2021.