Reliance Industries is set to elevate India’s luxury shopping experience with the inauguration of Jio World Plaza, the country’s largest upscale retail destination, on November 1. Nestled in Mumbai’s prestigious Bandra Kurla Complex, this grand unveiling marks a significant milestone in redefining luxury retail in the region.
Reportedly, the brands in the mall include jewellers Cartier and Bulgari, fashion houses Louis Vuitton, Dior and Gucci, watch brand IWC Schaffhausen and luxury luggage maker Rimowa, which will open its first outlet in India.
At almost 7,500 square feet, Louis Vuitton’s store will be the most spacious of its four outlets in India. Cartier’s store will be its second in the country and for Dior, it will be the third.
Real estate consultants Knight Frank estimate India will have 1.4 million millionaires by 2026, 77% more than in 2021, as the economy continues to strengthen.
According to a report by news agency Reuters, the growth in India, where Euromonitor estimates the personal luxury market to expand almost 12% a year in 2022-2026 to nearly $5 billion, contrasts with the slowing economy in China, whose appetite for designer goods has driven sales growth in luxury firms for years.
China’s personal luxury market will grow an average 11.5% in the four years to 2026 to $107 billion, Euromonitor data shows, it added.
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