Mumbai’s Jio World Plaza Attracts Leading Luxury Retailers
Luxury brands like Gucci, Cartier and Louis Vuitton are signing leases for stores in Mukesh Ambani’s new Mumbai mall, Jio World Plaza, located within Reliance’s $1 billion business and cultural hub in Mumbai’s business district. Although Reliance has not disclosed tenant details, documents from CRE Matrix reveal brands owned by LVMH, Kering, Richemont, and Burberry are among the tenants. These brands will also share a portion of their monthly net revenue with Reliance, ranging from 4% to 12%.
India’s growing number of millionaires and strong economic growth is driving the expansion of luxury retail in the country, with brands seeking a meaningful presence. The mall is set to open this year and it aims to retain its luxury appeal by including clauses in lease agreements that offer rent reductions if specific luxury brands do not open outlets within six months. With India’s rising wealth and a thriving personal luxury market, luxury brands see significant growth potential in the country compared to a slowing Chinese economy.
