Gucci, Cartier, and Louis Vuitton are among the luxury brands that have signed leases for stores in Indian tycoon Mukesh Ambani's new Mumbai mall, as luxury firms and Reliance Industries look to capitalise on strong economic growth and a rapid increase in the number of millionaires.
The Jio World Plaza, which is expected to open this year, is housed within Reliance's $1 billion business and cultural hub in Mumbai's business district.
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.
Jewellers Cartier and Bulgari are among the brands represented, as are fashion houses Louis Vuitton, Dior, and Gucci, watchmaker IWC Schaffhausen, and luxury luggage maker Rimowa, which will open its first store in India.
"Luxury brands have always struggled for quality retail spaces in India, and many were forced to open their first outlets in luxury hotels," Anuj Kejriwal, CEO of Anarock Retail in India, said. "These brands are now looking for a more meaningful presence."
Louis Vuitton's Jio World Plaza store will be the most spacious of the four outlets in India, measuring nearly 700 square metres (7,500 square feet). Cartier's store will be the company's second in the country, and Dior's will be the third.