MUMBAI: Gucci, Cartier and Louis Vuitton are among brands to sign leases for stores in tycoon Mukesh Ambani’s new Mumbai mall, as luxury firms and Reliance Industries seek to profit from strong economic growth and a rapid rise in the number of millionaires.
The Jio World Plaza, which an industry source said is likely to open this year, is located inside Reliance’s $1 billion business and cultural hub in Mumbai’s business district, as per a Reuters report.
Reliance has yet to disclose details about the tenants, but lease documents provided by real estate analytics firm CRE Matrix showed that Burberry Group as well as several brands owned by LVMH, Kering and Richemont have agreed to rent shops in the mall, and also share between 4% and 12% of their monthly net revenue with Reliance.
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.
Reliance, Burberry, LVMH, Kering and Richemont did not respond to a request for comment.