Exclusive Extravagant

The luxury retail space in India is undergoing a profound revolution, powered by the country’s rapidly expanding economy and rising disposable incomes

- VINOD NAIR

A COUPLE OF decades ago, if you were a luxury shopper from India, chances were that you waited through the year for that annual trip to the US/UK or Europe to do your shopping. Yes, luxury goods were sold at shopping arcades of five-star properties, but they didn’t offer enough options.

Cut to 2008, and while the world was still coming to terms with the global financial crisis, realty major DLF took the bold step of launching India’s first high-end luxury mall in Delhi. Called DLF Emporio, the mall offered bespoke retail spaces that the brands were desperately looking for to tap the growing market. The mall redefined the concept of luxury retail in India with several prestigious brands such as Louis Vuitton, Christian Dior, Salvatore Ferragamo, Gucci, and Fendi, along with several other luxury fashion and lifestyle brands (including Indian designer wear), setting up shop at Emporio.

Soon, other cities followed: In Bengaluru, flamboyant businessman Vijay Mallya set up UB City mall along with the Prestige Group; a few years later, The Palladium was set up in financial capital Mumbai by The Phoenix Mills Ltd, which is led by Atul and Gayatri Ruia. The icing on the cake was when in 2023, Mukesh Ambani-led Reliance Industries threw open the doors to its Jio World Plaza at Mumbai’s Bandra Kurla Complex. The 750,000 sq. ft mall has several prestigious brands such as Gucci, Saint Laurent, Villeroy & Boch, Louis Vuitton, Cartier, IWC Schaffhausen, Hermès, and Tiffany & Co., among others. Once all the brands have moved in, Jio World Plaza—that is a part of the Jio World Centre spread across 18.5 acres—will position itself not just as the largest luxury retail destination with world-class facilities but will also house the highest number of luxury brands in India.