International luxury brand Christian Dior has leased retail space for its store in Jio World Centre at Mumbai’s Bandra Kurla Complex for 9.5 years, the leave and license agreement accessed by FloorTap.com showed. The agreement was signed between Reliance Industries Limited and Christian Dior Trading India Private Limited, the documents showed.
Retail experts said that Dior entered the Indian market in 2006 when it opened a boutique in New Delhi. It also has a store in Mumbai.
Further, as per the document, Dior has taken on lease 3,317 sq. ft. (total chargeable area). It was registered on April 17, 2023.
The lease agreement comes with a rent escalation provision. From the 19th month onwards, rent escalation will be 7.5 percent until the 42nd month and thereafter 15 percent every 36 months.
Emails have been sent to Christian Dior and RIL and the story will be updated once the responses are in.
Christian Dior is owned by billionaire Bernard Arnault’s French luxury behemoth LVMH. Last month international luxury fashion house Louis Vuitton had leased four units totalling 7,365 sq ft for its new store in Jio World Plaza.
Meanwhile, experts said that there has been a fairly constant stream of international brands entering India across categories.
“The fashion space is also seeing periodic openings of new brands. In next few years, we will see regular stream of brands opening stores across F&B and the beauty and fashion spaces. Now that India is the fifth-largest worldwide destination for retail, international firms are rushing to the Indian market. The primary draws for foreign retail behemoths are the country's sizable middle class and the almost untapped retail market. The spending power of urban Indian consumers is rising, and branded products in categories like apparel, cosmetics, footwear, watches, beverages, cuisine, and even jewellery are progressively becoming popular for use in business and leisure,” said Pankaj Renjhen, COO and Jt. MD - ANAROCK Retail.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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