Louis Vuitton, Gucci to open at Mukesh Ambani’s Jio World Plaza in Mumbai

Indian billionaire Mukesh Ambani’s Reliance Industries opened the doors of its luxury mall – Jio World Plaza (JWP) to the public in Mumbai on Wednesday, according to news reports.

Located in Bandra-Kurla Complex (BKC) in the heart of the city, the space has been designed to host a collection of high-end, global brands such as Gucci, Louis Vuitton, Tiffany, alongside entertainment experiences, added a report in the Hindustan Times.

Ambani’s daughter, Isha Ambani, is reported to be running the retail arm - Reliance Retail Ventures which houses retail operations, including international partnerships and the consumer goods business, according to Reuters.

“Our envisioning of the Jio World Plaza is aimed at bringing the best global brands to India as well as highlighting the prowess and craftsmanship of top Indian brands, and hence create a very unique retail experience,” Isha was quoted as saying by Hindustan Times.

On Tuesday night, the entire Ambani family hosted celebrities including Deepika Padukone, Kareena Kapoor, Sonam Kapoor and Ashley Graham as well as a host of VIP guests and influencers for a soft opening.

It was anchored by a fashion show titled, ‘New Order of Style’, showcasing celebrities walking the ramp in clothes by the various designers housed at the plaza.

Padukone, who is also a brand ambassador for Cartier, inaugurated its store at JWP on Tuesday night, while Bhatt launched her first children’s clothing store at the space.

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Spanning four levels across a sprawling 750,000 square feet area, the retail selection will offer a total of 66 luxury brands, added Hindustan Times.

Notable international newcomers to the Indian market include Balenciaga, a Giorgio Armani Café, Pottery Barn Kids and Rimowa.

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The mall will also feature Mumbai’s very first locations of Valentino, Tory Burch, Saint Laurent, Versace, French patisserie Ladurée, as well as other brands.

Key flagship stores will include iconic brands such as Louis Vuitton, Gucci, Cartier, Bally, Giorgio Armani, Dior, and Bulgari.

JWP will also carry a host of regional designers such as Manish Malhotra, Abu Jani-Sandeep Khosla, Rahul Mishra, Falguni and Shane Peacock.

A host of these designers were also included at the fashion exhibit anchored to the celebrity-laden opening of the Nita Mukesh Ambani Cultural Centre (NMACC), earlier this year.

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Earlier, Reuters reported that the Qatar Investment Authority was all set to invest $1 billion for a 1% stake in India’s Reliance Retail Ventures, nearly doubling its valuation to $100 billion from its last funding round in 2020.

Reuters also added that although India’s 1.4 billion population – the world’s biggest – has a per capita income of just $2,300, the country is also home to more than 800,000 dollar millionaires who are splurging on everything from luxury homes to expensive SUVs.

Real estate consultancy, Knight Frank has estimated that India will have 1.4 million millionaires by 2026, 77% more than in 2021, as the economy continues to strengthen.

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In September, Reuters added that Euromonitor estimated the personal luxury market to expand almost 12% a year in 2022-2026 to nearly $5 billion, contrasting with the slowing economy in China, whose appetite for designer goods has driven sales growth in luxury firms for years.

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