The opening of Jio World Plaza, India’s most upmarket retail destination, on November 1 is expected to boost the country’s luxury shopping experience, according to Reliance Industries. Located in the affluent Bandra Kurla Complex in Mumbai, this spectacular debut is a noteworthy turning point in the evolution of luxury retail in the area.
Brands in the mall reportedly include luxury luggage manufacturer Rimowa, which will establish its first store in India, watch brand IWC Schaffhausen, fashion labels Louis Vuitton, Dior, and Gucci, and jewellers Cartier and Bulgari.
Of its four stores in India, Louis Vuitton’s will be the largest at about 7,500 square feet. Dior’s store will be its third in the nation, and Cartier’s will be its second. As the economy continues to grow, real estate specialists Knight Frank predict that by 2026, there will be 1.4 million millionaires in India, 77% more than in 2021.
The growth in India, where Euromonitor projects the personal luxury market to expand almost 12% annually in 2022–2026 to nearly $5 billion, is in contrast to China’s slowing economy, where demand for designer goods has long driven growth in sales for luxury firms, according to a report by news agency Reuters.
According to Euromonitor statistics, China’s luxury market is expected to increase by 11.5% on average over the next four years, reaching a total of $107 billion.