 "Jio World Plaza")
India is about to gain a new luxury shopping destination, as Reliance Industries prepares to unveil the country’s largest luxury shopping venue, Jio World Plaza, on November 1. This opulent shopping paradise is situated within the sprawling 750,000 square feet expanse at Mumbai’s Bandra Kurla Complex.
The mall will showcase a host of prestigious luxury brands, including Bvlgari, Cartier, Louis Vuitton, Versace, Valentino, Manish Malhotra, Abu Jani Sandeep Khosla, and Pottery Barn, among others.
Notably, this marks Bvlgari’s debut in the Indian market. The mall will offer an array of exclusive services such as personal shoppers, VIP concierge, wedding concierge, and porter service.
Currently, India has only a few luxury-exclusive shopping destinations, which include DLF Emporio, The Chanakya, UB City, and the Phoenix Palladium. Prior to this development, a limited selection of luxury brands was available in five-star hotels.
Experts observe that the luxury retail landscape in India has evolved significantly, with increasing demand and improved sales performance, especially in the wake of the pandemic.
Bimal Sharma, head of retail in India at CBRE, notes, “Indians no longer visit malls just to browse and later make overseas purchases; they are now shopping within the country. Additionally, price parity between goods sold domestically and internationally has reduced.”
Sharma further explained that the merchandise available in India aligns with the current season, eliminating previous delays. This change has been beneficial for luxury brands operating in the country.
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According to data from Statista, the revenue in India’s luxury goods market reached $7.74 billion in 2023. The market is projected to grow annually by 1.38 per cent (compound annual growth rate 2023–2028). Luxury watches and jewellery represent the largest segment in India, with a market volume of $2.24 billion in 2023. The research firm also highlights that by 2023, 2.3 per cent of the total luxury market revenue will be generated through online sales. Globally, the US leads in revenue, with $75.69 billion in 2023. Sharma adds that Jio World Plaza represents a new era of luxury retailing, where a vast shopping centre is dedicated exclusively to luxury brands.
“Mumbai will get its first proper address to shop for pure play luxury. The consumer’s current options for luxury are Palladium at High Street Phoenix and hotels where there are limited brands. Jio World Plaza will take luxury experience to a new level, along with adding an array of gastronomical options. So far, the largest space for luxury retail in the country was DLF Emporio in Delhi,” said Shubhranshu Pani, founder of Treta Advisors, a real estate consultancy firm.
