04 September 2023, Mumbai
French luxury fashion house Louis Vuitton has secured retail space in Mumbai's Bandra-Kurla Complex (BKC) at Jio World Plaza through a long-term lease agreement with Reliance Industries.
The new store will be the company's second in Mumbai and its largest in India. It will occupy a combined area of 7,365 square feet, spanning three units on the elevated ground floor of Jio World Plaza.
Louis Vuitton India Retail will pay a monthly rent of approximately Rs 40.50 lakh, calculated based on a minimum guaranteed monthly sum or 6% of the net revenue share, whichever is higher.
The lease will commence in February 2023 and remain operational until December 2032.
Louis Vuitton's Growing Presence in India
Louis Vuitton is one of the world's most prestigious luxury brands and has been expanding its presence in India in recent years.
The company currently operates three stores in India, including locations in Mumbai, New Delhi, and Bengaluru.
The new store in Mumbai will be its largest in the country.
Growing Demand for Luxury Goods in India
The Indian market is a major growth opportunity for luxury brands. India is the world's fastest-growing economy and is expected to see a significant rise in the number of millionaires in the coming years.
This is expected to drive demand for luxury goods and services.
Reliance Industries' Strategy to Attract Luxury Brands
- Reliance Industries is one of India's largest conglomerates and is aggressively pursuing partnerships with luxury brands.
- The company has signed deals to introduce brands such as Valentino and Balenciaga to the Indian market.
- The new Louis Vuitton store is a major coup for Reliance and is a sign of the company's commitment to the luxury market.
