Global luxury brands are in the process to increase their reach in India as they are getting retail spaces as per their requirements.
There are reports that luxury brands like Gucci, Louis Vuitton, Burberry, LVMH, Kering, and Richemont have signed leases for stores in Reliance new Mumbai mall.
Jio World Plaza, located in Mumbai’s business district, is expected to open this year.
With India’s growing population of millionaires and a projected 12 per cent annual growth in the personal luxury market, luxury brands are seeking a meaningful presence in the country.
A media report says that while Reliance has yet to announce information about the tenants, lease agreements obtained from real estate analytics firm CRE Matrix reveal that Burberry Group, along with various brands under the umbrellas of LVMH, Kering, and Richemont, have committed to renting retail spaces within the mall.
Alhough Reliance, Burberry, LVMH, Kering has not said anything in this regard.
It is worth mentioning here that global luxury brands have always struggled for quality retail spaces in India and many were forced to open their first outlets in luxury hotels. Such brands are now looking for meaningful presence.
