Reliance: "There aren t a lot of accessible luxury fashion labels in India so we think it s time to be pioneering," said SMCP CEO Isabelle Guichot, citing India s wealth and growing population of younger generations among reasons for entering the country. After years of testing the Indian market with outlets in luxury hotels, high-end European labels are seeking to expand their retail presence there to tap its strong economic growth and a rapid rise in the number of local millionaires.
Several super-luxury brands in the newly inaugurated Jio World Plaza luxury mall in Mumbai have stipulated that a minimum of four top brands, such as Louis Vuitton, Gucci, Cartier, Burberry, Tiffany, Valentino, Bulgari, Zegna, Giorgio Armani, and Bottega Veneta, should operate within the same complex to maintain their brand exclusivity. Copies of agreements between Reliance Industries, the mall s owner, and five brands revealed this requirement. While many brands seek exclusivity clauses in malls to avoid direct competition, super-luxury brands in this case want similar brands nearby to attract a consistent buyer profile.
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