In Mumbai, the largest luxury shopping center in India, Jio World Plaza (JWP), opens its doors.
Owned by Reliance Industries Ltd - a company chaired by Mukesh Ambani, Asia's richest man - the Jio World Plaza (JWP) shopping center has just been inaugurated in the business district of Bandra Kurla Complex (BKC).
By Shilpa Dhamija01 novembre 2023
In Mumbai, India, the largest luxury shopping center has just been inaugurated on November 1, 2023. Its massive entrance halls adorned with marble and chandeliers open onto 70,000 square meters of retail space. Named Jio World Plaza (JWP), this enormous mall offers a wide selection of Western and Indian luxury brands, making it the first of its kind in India's financial capital, which is home to some of the world's wealthiest families. The timing is well chosen as it precedes India's biggest festive season, Diwali, celebrated this year in mid-November. Subsequently, throughout the winter, the organization of weddings traditionally fills the calendar of Indian festivities, generating several tens of billions of dollars in revenue for the hospitality, culinary, event, and fashion sectors.
Louis Vuitton, Bvlgari, Cartier, Valentino, Balenciaga, Christian Dior, Rimowa, Tiffany & Co, and Indian couturiers Manish Malhotra, Abu-Jani Sandeep-Khosla, Rahul Mishra are just some of the names opening their boutiques in the new shopping center. Louis Vuitton, one of the first luxury brands to enter the Indian market nearly 20 years ago, is inaugurating its fourth and largest store in the country at JWP. For the first time in Mumbai, the boutique will offer ready-to-wear and high jewelry. Saint Laurent, Valentino, Tory Burch, Tiffany & Co, Ladurée, and Pottery Barn have also chosen to open their first stores in the city at JWP. Bulgari and Cartier are inaugurating their flagship stores here.
Jio World Plaza is owned by Reliance Industries Ltd, a company chaired by Mukesh Ambani, Asia's richest man, with an estimated net worth of over US$91 billion (as of August 2023). "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," said Isha M Ambani, Director of Reliance Industries Ltd and daughter of Mukesh Ambani, in a press statement.
Reliance Brands Ltd, a subsidiary of Reliance Industries Ltd, is the largest retailer of luxury brands in India due to its exclusive partnerships with over three dozen global and Indian luxury brands such as Valentino, Balenciaga, Versace, Rahul Mishra, Salvatore Ferragamo, Jimmy Choo, Ermenegildo Zegna, Tory Burch, Tiffany & Co., to name a few.
Maximum Wealth in the Maximum City
Mumbai, also known as the Maximum City, houses the highest concentration of wealthy individuals in India. According to a report released this year, the city has the largest number of centi-millionaires (US$100 M+) after Zurich canton. Mumbai has 224 centi-millionaires while Zurich is home to 230 centi-millionaires. However, Mumbai boasts more billionaires than the collective billionaire population of Zurich and Geneva cantons. Mumbai is home to 27 billionaires, whereas Zurich and Geneva, together, have 25.
Jio World Plaza is located in Mumbai's central area, Bandra Kurla Complex (BKC), a business district that houses the Indian headquarters of several multinational firms, attracting global entertainment and culinary experiences such as popular overseas restaurants Hakkasan and Yauatcha. BKC is also home to the newly launched NMACC, a cultural center that has hosted world-renowned musicals like Mamma Mia and West Side Story. NMACC is also owned by the Ambani family.
In the past five years, numerous luxury brands have entered India, as it is predicted to be one of the world's fastest-growing luxury markets, expected to triple in size by 2030. Valentino launched its first stores in the country last year, and Balenciaga will enter India with the JWC.
Parisian multi-brand store Galeries Lafayette is also set to open in a 90,000 square-foot space in Mumbai with Indian conglomerate Aditya Birla Fashion and Retail Limited (ABFRL) in 2024. It is expected to house over 200 brands.
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