'Being in the Retail Business is Not Easy'

In Mumbai for the launch of Galeries Lafayette Group's luxury store, its executive chairman, Nicolas Houzé, talks about how the company is succeeding in challenging times

- JASODHARA BANERJEE

Galeries Lafayette, the celebrated luxury department store in Paris, is set to open its first Indian store in Mumbai's Kala Ghoda neighbourhood in early-November.

Its offering will include a curated portfolio of more than 250 luxury and designer brands from across the globe. In line with its tradition of offering customers top-of-the-line services, the Mumbai store will offer personal styling, private lounges, concierge services and curated cultural programmes. The company, which has its flagship store in Boulevard Haussmann in the 9th arrondissement of Paris, has 65 stores (including franchises) across the world, with outlets in Doha, Dubai, Jakarta, Luxembourg, Beijing, Shanghai, Shenzhen and Macau.

By partnering with Aditya Birla Fashion and Retail Limited (ABFRL), the India debut of the 130-year-old French family business venture will occupy 90,000 sq ft across five floors of a heritage building that took about two-and-a-half years to renovate and refurbish. It stands in the midst of a South Mumbai neighbourhood that is home to commercial, colonial-era buildings and an increasing number of flagship stores of Indian couture brands, some of which ABFRL includes in its portfolio of investments.

The company’s India entry comes at a time when the domestic luxury market is projected to reach $85 billion by 2030, driven by rising affluence and aspirational consumption. It also comes at a time when the global personal luxury items segment contracted for the first time in 15 years (excluding the Covid-19 pandemic years).