Global luxury brand Christian Dior has secured a lease for retail space in Mumbai, according to a leave and license agreement obtained by FloorTap.com. The lease, which was registered on April 17, 2023, spans 9.5 years and is located within the Jio World Centre at Mumbai’s Bandra Kurla Complex. The agreement was formalized between Reliance Industries Limited and Christian Dior Trading India Private Limited.
Christian Dior first entered the Indian market in 2006 with the opening of a boutique in New Delhi, and it also currently operates a store in Mumbai.
The leased space measures 3,317 square feet (total chargeable area) and includes a provision for rent escalation. Starting from the 19th month of the lease, the rent will increase by 7.5 percent until the 42nd month, after which it will escalate by 15 percent every 36 months.
Emails seeking comments have been sent to Christian Dior and Reliance Industries Limited, and updates will be provided once their responses are received. Christian Dior is part of the French luxury conglomerate LVMH, owned by billionaire Bernard Arnault. In a similar move, international luxury fashion house Louis Vuitton recently leased four units totaling 7,365 square feet for its new store in Jio World Plaza.
Experts have noted a consistent influx of international brands entering the Indian market across various sectors. Pankaj Renjhen, COO and Joint Managing Director at ANAROCK Retail, emphasized that India’s growing middle class and untapped retail market make it an attractive destination for foreign retail giants. The rising spending power of urban Indian consumers has fueled the popularity of branded products in categories such as apparel, cosmetics, footwear, watches, beverages, cuisine, and jewelry for both business and leisure purposes. As a result, the retail landscape in India is poised for further expansion in the coming years.