Reliance attracts luxury brands from Gucci to Louis Vuitton to its space amid India's economic boom

economictimes.indiatimes.com:

Gucci, Cartier, and Louis Vuitton, among others, have signed leases for retail spaces in a new Mumbai mall developed by Asia's richest Mukesh Ambani, as the brands and Reliance Industries look to tap lucrative prospects presented by India's robust economic growth and the swift increase in the number of millionaires.

Jio World Plaza is likely to open this year, Reuters said citing an unnamed source. The new mall is situated within Reliance Industries' extensive $1 billion business and cultural complex in Mumbai's bustling business district.

India is turning into a magnate for luxury brands. More than a dozen luxury consumer goods brands are entering the country ahead of the festive season, as they look to attract consumers in a market riding on the growing affluence of Indians with higher incomes, spurring greater discretionary spending even in small towns. The trend is being driven by increased exposure to global trends, younger people buying luxury products, and a post-pandemic boom, all of which are stoking interest from western luxury brands, executives said.

While a K-shaped economic recovery in India is also seen to be a strong trend, according to several economists, the Asian economy has beaten almost all countries in terms of rising wealth. Remember India is home for some of the world's richest including Mukesh Ambani and Gautam Adani.
For the first time since the global financial crisis of 2008, global household wealth in 2022, measured in US dollars, registered a collective decline both in nominal and real terms, encompassing aggregate and per-adult figures. Significantly, wealth per adult also saw its second-largest reduction since the turn of the century.

Christian Dior leases space at