Reliance Industries develops new mall to attract India’s wealthy customers
28 April 2022, Mumbai:
Reliance Industries is developing Jio World plaza in Mumbai, a ritzy mall to lure India’s uber-rich citizens to buy expensive bags and shoes.
Spread across four floors, the mall will be developed inside the Jio World Trade Centre. It will have marble floors and a golden guardrail and house around 30 brands including LVMH's Louis Vuitton, Tiffany, and Dior.
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Also present will be LVMH rival Kering's Gucci, Balenciaga, and Bottega Veneta, along with Versace, Richemont's Cartier, and Hermes.
The Mumbai mall is Reliance’s first attempt to bring non-partner, high-wattage luxury brands together with existing partners for local sales like Tiffany and Bottega Veneta.
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It will act as a great image booster for Reliance, says Abhay Gupta, CEO, of Luxury Connect. International luxury brands in the country continue to face issues like a limited number of stores, says Luca Solca, Senior Luxury Goods Analyst, Bernstein.
Yet, India's personal luxury market is set to grow at 12 percent a year to reach $4.7 billion by 2026, as per *Euromonitor International report.
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CREDITS: *Euromonitor International report.
