Paris' Galeries Lafayette to open in Mumbai in November
Iconic French luxury department store Galeries Lafayette is set to open its first flagship outlet in India.
The 130 year old Parisian brand is coming here in partnership with Indian conglomerate the Aditya Birla Fashion and Retail (ABFRL). The store, located in financial hub Mumbai, will position itself as a direct competitor to Jio World Plaza, a luxury retail destination opened by Reliance in Mumbai that houses many of these high-end stores and brands, such as Dior, Armani, and YSL
The five-storey 90,000 sq. ft. flagship store housed in the restored Turner Morrison and Voltas House buildings, will feature around 270 brands, of which nearly 70% will debut in India.
Speaking at the launch event, Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said the partnership marks “a coming-of-age moment for Indian luxury retail at a time when India’s luxury segment is at the threshold of transformation with the market expected to grow fourfold in less than a decade — from $20 billion to nearly $90 billion by 2030.
Demand for luxury goods in India - one of the fastest growing major economies in the world - is being driven by increasing wealth creation and a shift in consumer tastes for premium products.
Many international retailers are making a beeline to tap into growing demand for luxury goods, with 27 new global brands arriving in the country in 2024, almost twice the number from the previous year.
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