The Reliance company unveiled the country’s biggest luxury mall, Jio World Plaza, in Mumbai on Wednesday, hoping to redefine luxury in the city’s center.
The mall now has 24 luxury brand stores spread over 7,50,000 square feet and four enormous floors, with plans to launch an additional 42 between November and April, including some noteworthy foreign debuts in the Indian market.
Aside from being a premium shopping destination, the Jio World Plaza is an architectural masterpiece. The plaza was created by TVS and the Reliance team in the United States and was inspired by the lotus flower and natural features.
The imposing presence of legendary brands such as Louis Vuitton, Gucci, Cartier, Dior, Bvlgari, and Muji garnered attention, while worldwide companies such as Valentino, Versace, and Tiffany & Co. are ready to open their doors.
Store managers and employees reported a constant increase in foot traffic, with more and more guests, including luxury connoisseurs and fashion fanatics, coming by the hour.
According to a spokeswoman for Paul & Shark, a famous Italian luxury fashion company specializing in yachting-inspired apparel and accessories, the Plaza houses the brand’s first-ever worldwide experience ice room. Customers may try on jackets ranging in price from 70,000 to 2 lakh at this location.
The manager of Muji India said, “This is our largest store in India, spanning an impressive 12,000 square feet, with a dedicated team of 30 executives serving our customers. Awareness is no longer an issue, as buyers are well-informed about their preferences and actively visiting our stores.”
Mitrajit Bhattacharya, a luxury connoisseur and founder and president, of The Horologists, who was at the Plaza on 31 October for an invite-only preview, said, “It’s a welcomed development for the luxury industry. The growth of India’s luxury market hinges on the establishment of luxury malls.“
Speaking about how the industry in China experienced significant development owing to the existence of such malls, with various real estate developers investing in similar initiatives, he said the debut of Jio World Plaza signals the first step towards developing that sort of luxury environment in India.
“While Delhi boasts of DLF Emporio, if we’re talking about creating a comprehensive luxury ecosystem, it starts here. The mall has been in the works for an extended period, and it houses a diverse array of brands. It’s a well-rounded mix, and even though some stores are yet to open, the range is impressive. The infrastructure is excellent, and the launch event was high-profile. Some brands have already sold high-priced products, and I believe the momentum will continue through Diwali. As most of the stores open by December, we’ll witness the full-fledged emergence of the luxury moment. Personally, I find Louis Vuitton to be the most outstanding store, offering a comprehensive range and an impressive selection. Bvlgari is also noteworthy for its scale and grandeur.“
He added that beyond real estate and amenities, it’s essential to have a skilled workforce. “Who will be the ambassadors of these brands? I visited approximately ten stores and had conversations with the staff. While they come from diverse backgrounds, I was pleasantly surprised by their knowledge and enthusiasm. The expansion of the luxury retail workforce is crucial.“
Jio World Plaza’s launch coincides with India’s growing wealthy customer base. According to Knight Frank’s 2023 ‘Wealth Report,’ India is prepared to experience a stunning spike in its ultra-high-net-worth people (UHNWI), with a net worth above $30 million, with a 58.4% increase in the sector projected over the following five years, with the number expected to reach 19,119 by 2027. Furthermore, the number of billionaires is expected to climb from 161 in 2022 to 195 in 2027.