Reliance Industries, a major Indian conglomerate, is solidifying its retail presence, focusing on a new shopping destination tailored for the ultra-wealthy in a country with a per capita gross domestic product considerably lower on the global scale. The Jio World Plaza shopping mall, situated in Mumbai’s financial hub known as the Bandra-Kurla Complex, boasts luxurious jewelry boutiques and renowned international brands, signaling a potential breakthrough for minimalist Japanese chain Muji in India.
Occupying four floors, the mall, delayed by the COVID-19 pandemic, houses elite brands like Cartier, Gucci, Rolex, and Louis Vuitton. Balenciaga and Rimowa mark their Indian debut in the mall, with some boutiques operated by a Reliance group company through a franchise agreement.
Despite India’s per capita GDP being around $2,000, categorized as lower-middle-income by the World Bank, Mumbai stands out with the highest number of billionaires among Indian cities and ranks eighth globally. The Jio World Plaza reflects Reliance’s belief in catering to Mumbai’s affluent society.
Isha Ambani, overseeing Reliance’s retail business, sees the mall as more than a retail destination, describing it as an embodiment of aesthetics, culture, and leisure. The mall also houses Muji’s largest outlet in India, operated in partnership with Tokyo’s Ryohin Keikaku, showcasing an expanded range of furniture items.
While Muji faces challenges in India, including preferences for vibrant colors, it aims to distinguish itself within the mall’s luxury landscape. Reliance’s retail business, contributing a significant share to its sales, spans various products, from food to jewelry. With further investments and international partnerships on the horizon, Reliance Industries aims to solidify its retail sector as the company’s second core business.