Global Courant 2023-05-08 02:00:00
NEW DELHI – In the heart of Mumbai, the interiors of two 100-year-old heritage buildings are being completely renovated to house the Galeries Lafayette department store, which will house more than 200 luxury and designer brands.
Spread over 90,000 square feet, the luxury department store, a collaboration between the high-end French department store chain and Indian company Aditya Birla Fashion and Retail, will open in 2024.
Appearing in the Fort area of the city, the niche department store, a posh venue for high-end stores including those by Indian designers such as Sabyasachi Mukherjee, is a response to the country’s growing appetite for luxury.
“This partnership is a strong signal of our belief in the growing depth of the luxury market in India,” said Mr. R. Sathyajit, CEO of Aditya Birla’s luxury division.
He said: “This growth is largely driven by ambitious young and affluent consumers with global exposure who are willing to spend money on luxury products and experiences, an increase in entrepreneurship, a strong middle class and deeper e-commerce penetration.”
The partnership also includes the launch of an e-commerce platform and store in Delhi.
Unlike China, India may not have been a big market for Western luxury brands, despite the challenges of finding retail space and a difficult place to do business amid complex regulations.
But that appears to be changing with increased purchasing power in one of the world’s fastest growing economies, which is expected to grow by an estimated 6 percent in 2023 despite a global slowdown.
