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Reliance Industries is poised to unveil Jio World Plaza, India's grandest luxury shopping destination, on November 1, encompassing 750,000 square feet in Mumbai's Bandra Kurla Complex (BKC). This lavish mall will host a prestigious array of luxury brands, including Bulgari, Cartier, Louis Vuitton, Versace, Valentino, Manish Malhotra, Abu Jani Sandeep Khosla, and Pottery Barn. Notably, this venture marks Bulgari’s debut in the Indian market.
Jio World Plaza will provide exclusive services, such as personal shoppers, VIP concierge, wedding concierge, and porter service, elevating India's luxury shopping experience. Before this development, India had limited luxury-exclusive shopping destinations, including DLF Emporio, The Chanakya, UB City, and the Phoenix Palladium.
The country's luxury retail sector has significantly evolved, especially post-pandemic, witnessing increased demand and enhanced sales performance. Indians are increasingly opting to shop domestically due to reduced price disparities with international markets.
According to statistics, India's luxury goods market generated $7.74 billion in revenue in 2023, with an annual growth rate of 1.38% projected for 2023-2028. Luxury watches and jewellery represent India's largest luxury segment, accounting for $2.24 billion in market volume in 2023. Notably, 2.3% of the total luxury market revenue will be generated through online sales by 2023. On a global scale, the US leads in luxury revenue, with $75.69 billion in 2023.
The launch of Jio World Plaza signifies the transformation of India's luxury shopping landscape and is a testament to the growing affluence and evolving preferences of Indian consumers. This venture reflects the aspirations of a new generation of luxury shoppers in India and underscores the country's potential as a thriving luxury retail market.
This story was earlier published in Business Standard
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