The luxury retail landscape in India is poised for a significant transformation as high-end brands such as Gucci, Cartier, and Louis Vuitton plan on establishing new outlets in an upcoming luxury mall in Mumbai, developed by Reliance.

What Happened: Luxury brands including Gucci, Cartier, and Louis Vuitton are preparing to extend their retail footprint in India through new stores in the Jio World Plaza, a new mall developed by Indian business magnate Mukesh Ambani’s Reliance, reported Reuters on Wednesday.

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The mall, a part of Reliance’s $1 billion business and cultural hub, is positioned in Mumbai’s business district. Real estate analytics firm CRE Matrix confirmed that these luxury brands have agreed to lease shops in the mall, offering between 4% and 12% of their monthly net revenue to Reliance. Other notable brands joining the line-up include Burberry, Dior, IWC Schaffhausen, and Rimowa, with the latter opening its first outlet in India.

Why It Matters: According to Anuj Kejriwal, CEO of India’s Anarock Retail, luxury brands have faced challenges in finding quality retail spaces in India, often resorting to luxury hotels to establish their first stores. With India’s luxury market projected to grow nearly 12% annually between 2022 and 2026, reaching close to $5 billion, these brands are looking to expand their presence significantly. India is also expected to house 1.4 million millionaires by 2026, thereby presenting a huge potential customer base for these luxury brands.

With the upscale Jio World Plaza mall offering a premium retail space, it provides these luxury brands with an opportunity to tap into India’s growing affluent class and burgeoning luxury market.

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