Mukesh Ambani to Launch India’s Largest and Most Expensive Mall

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Mukesh Ambani, India’s richest billionaire and the CEO of Reliance and JIO, is on to shatter records as he will be soon inaugurating the launch of his latest project -- Jio World Plaza. Located in Mumbai’s Bandra Kurla Complex (BKC), a posh and civic area dominated by Reilance with its establishment of the Jio World Drive and Centre, Jio World Plaza is set to overtake DLF Emporio, Select Citiwalk, and other malls.

Jio World Plaza aims to make an impact on the US$ 5 Billion luxury retail industry in India by housing numerous international luxury brands, with some of them expanding their business into the Indian Market for the first time. Brands such as Louis Vuitton, Christian Dior, Gucci, Cartier, IWC Schaffhausen and more are establishing their outlets in the Jio World Plaza.

Christian Dior has signed a 9.5-year lease with Reliance Industries to lease two units on the Plaza’s ground floor, paying a monthly rent of ₹21,56,310 with a total security deposit of ₹1.39 crore. Dio recently showcased its striking Fall 2023 collection at Mumbai’s Gateway of India and has previously established two outlets in Delhi and Mumbai to sell its bags, fragrances, and other luxury goods. The show established the Moët Hennessy Louis Vuitton (LVMH) - owned luxury brand’s desire to increase the demand in the world’s most populous market, as more upper-middle class and the elite in India desire to own these items.

Louis Vuitton will be paying a monthly rental of ₹40,50,750, as it has leased four units across 7,365 sq.ft of area on the Plaza’s ground floor. It has also paid a security deposit of ₹2.43 crores, with an agreement on the rent escalation at 15% for every 36 months. Louis Vuitton established its first branch in India way back in 2002 in New Delhi’s Oberoi hotel, and has since established three other branches -- Taj Mahal Palace & Tower in Mumbai, UB City in Bangalore, and DLF Emporio in New Delhi.