Business tycoon Mukesh Ambani has invested one billion dollars in the making of a luxury mall with utmost comfort and delicate intricacies. It means that the western luxury goods in the mall would have to undergo a check through the Reliance empire.
According to an estimation given by Euromonitor, India’s luxury market will double in size in the next year. Another document reviewed by Reuters mentioned the upcoming dozens of outlets of powerful brands. The list of these brands goes from Gucci to Louis Vitton.
Jio World Plaza is the centerpiece of Reliance’s attempt to entice uber-wealthy Indians looking for high-end handbags and shoes. Experts say the push maximizes foreign brand partnerships and staying ahead of retail competitors in premium value propositions.
The investment move showcases the Ambani family’s drive to expand in luxury. Mukesh Ambani’s daughter Isha Ambani is keen on the project and played a role in the push.
Interiors Of The Mall
The lockdown during the COVID-19 pandemic disrupted the mall construction that has resumed recently. The mall will have four floors the size of ten football grounds. Further, they will have marble floors and golden guard grills.
The Jio World Plaza outlets represent a significant expansion into India. Despite opening its first store two decades ago, Louis Vuitton has only three stores in the country, according to company websites, while Versace has only one.
Experts say that India’s luxury market is so narrow that many international firms prefer to partner with Reliance to keep costs down and take advantage of the company’s grasp.
For years, foreign companies were hampered by factors such as a scarcity of storefronts in India, which “creates a chicken and egg dilemma,” according to Luca Solca, the senior luxury goods analyst at Bernstein.
Isha Ambani, the ‘Heiress On Duty’ according to Fortune India, has been closely inspecting and working on the mall.