New Delhi: French luxury fashion house Christian Dior has leased two large units in Jio World Plaza, a yet-to-open luxury mall, part of Jio World Centre, in Mumbai’s Bandra-Kurla Complex, signaling a push by the world’s top luxury brands to lure wealthy Indian shoppers.
Christian Dior Trading India Pvt Ltd has signed a 9.5-year lease agreement with Reliance Industries Ltd. to lease two units on the ground floor of the Plaza, paying a starting monthly rent of ₹21,56,310 for a total chargeable area of 3,317 sq.ft, according to data accessed by FloorTap.com, a marketplace for commercial properties. Christian Dior Trading India will pay a total security deposit of ₹1.39 crore. Monthly rental is based on the minimum monthly guaranteed sum or net revenue share, whichever is higher.
To be sure, Christian Dior, which recently showcased its spectacular Fall 2023 collection at Mumbai’s Gateway of India, sells its bags, luxury goods, and fragrances through two stores in the country, one each in Mumbai and Delhi. The show signaled the LVMH-owned luxury brand’s appetite to stoke demand in the world’s most populous market, where upmarket Indians are increasingly showing a desire to own glitzy cars and designer clothing.
News of Dior’s lease comes as luxury goods retailer Louis Vuitton India Retail Pvt Ltd too leased four units across 7,365 sq. ft of area on the ground floor of Jio World Plaza.
Louis Vuitton India Retail Pvt Ltd will pay a monthly rental of ₹40,50,750, based on the minimum monthly guaranteed sum or 6% of net revenue share, whichever is higher. The registration date for the agreement was August 21, with a fit-out period of 150 days. The company has paid a security deposit of ₹2.43 crore. Rent escalation for Louis Vuitton has been agreed at 15% every 36 months, per the agreement, accessed by FloorTap.com. Louis Vuitton currently has three stores in India.
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Updated: 13 Sep 2023, 01:06 AM IST