Christian Dior, a global luxury brand, has leased retail space in Mumbai. The international luxury brand has secured retail space in the Jio World Centre at Mumbai’s Bandra Kurla Complex for a duration of 9.5 years, according to a leave and license agreement. The agreement was signed between Reliance Industries Limited and Christian Dior Trading India Private Limited.
Dior first entered the Indian market in 2006 with a boutique in New Delhi and also has a store in Mumbai. The lease agreement includes a rent escalation provision, with rent increasing by 7.5 percent from the 19th month until the 42nd month, and then by 15 percent every 36 months thereafter.
Inquiries have been made to Christian Dior and RIL, and updates will be provided once responses are received. Christian Dior is part of billionaire Bernard Arnault’s French luxury conglomerate LVMH. Last month, international luxury fashion house Louis Vuitton leased four units totaling 7,365 sq ft for its new store in Jio World Plaza.
Experts note that there has been a steady influx of international brands into India across various categories. Pankaj Renjhen, COO and Jt. MD – ANAROCK Retail, predicts that in the coming years, there will be a regular stream of brands opening stores across F&B and the beauty and fashion spaces. With India now being the fifth-largest worldwide destination for retail, international firms are flocking to the Indian market. The country’s sizable middle class and the almost untapped retail market are major attractions for foreign retail giants. The spending power of urban Indian consumers is on the rise, and branded products in categories like apparel, cosmetics, footwear, watches, beverages, cuisine, and even jewelry are increasingly popular for both business and leisure use.