Galeries Lafayette will open its first door in Mumbai's heritage Turner Morrison Building at Fort, three years after the Parisian luxury department store partnered Aditya Birla Fashion and Retail Ltd (ABFRL) for its India entry.
"India is one of the fastest growing luxury markets in the world. It is a young, ambitious and creative nation, and Mumbai the city of dreamers and its natural stage," Galeries Lafayette executive chairman Nicolas Houze said at the launch event.
The store is expected to open in the first week of November.
Galeries Lafayette's entry is structured as a licensed franchise, with ABFRL managing operations and the French retailer providing access to global luxury networks. A second store is planned in New Delhi.
The upmarket chain will compete directly with Mukesh Ambani's Reliance Brands that dominates the country's luxury market through joint ventures, acquisitions of Indian designers like Manish Malhotra, and partnerships with global names including Balenciaga, Valentino and Tiffany & Co.
"A new India is emerging which is youthful, ambitious, and globally connected - one that embraces luxury as a statement of aspiration and a distinctive identity. Yet, luxury retail in India is far from its full potential," said Aditya Birla Group chairman Kumar Mangalam Birla.
The store - which is spread over 90,000 square feet - will house over 270 brands. As much as 70% of these are coming to India for the first time, including Jacquemus, Givenchy, Balmain, Maison Margiela, Thom Browne and Fear of God.
As per a Bain & Co report, India's luxury market is expected to reach $85-90 billion by 2030, propelled by an increase in ultra-high-net-worth individuals with net assets of $30 million or more, growing entrepreneurship, a strong middle class, greater penetration of ecommerce and demand from tier-2 and smaller cities. The premium and bridge-to-luxury fashion market is currently valued at $7.86 billion.
"For years, the ecosystem has lacked the right mix of real estate, supply and service excellence. As a result, Indian consumers have looked outward for the experiences they have sought," Birla said.
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The partnership with Galeries Lafayette adds to the Birla Group's luxury portfolio, which includes Sabyasachi, multi-brand retailer The Collective, and exclusive partnerships with global brands like Ralph Lauren.
"India is one of the fastest growing luxury markets in the world. It is a young, ambitious and creative nation, and Mumbai the city of dreamers and its natural stage," Galeries Lafayette executive chairman Nicolas Houze said at the launch event.
The store is expected to open in the first week of November.
Galeries Lafayette's entry is structured as a licensed franchise, with ABFRL managing operations and the French retailer providing access to global luxury networks. A second store is planned in New Delhi.
The upmarket chain will compete directly with Mukesh Ambani's Reliance Brands that dominates the country's luxury market through joint ventures, acquisitions of Indian designers like Manish Malhotra, and partnerships with global names including Balenciaga, Valentino and Tiffany & Co.
"A new India is emerging which is youthful, ambitious, and globally connected - one that embraces luxury as a statement of aspiration and a distinctive identity. Yet, luxury retail in India is far from its full potential," said Aditya Birla Group chairman Kumar Mangalam Birla.
The store - which is spread over 90,000 square feet - will house over 270 brands. As much as 70% of these are coming to India for the first time, including Jacquemus, Givenchy, Balmain, Maison Margiela, Thom Browne and Fear of God.
As per a Bain & Co report, India's luxury market is expected to reach $85-90 billion by 2030, propelled by an increase in ultra-high-net-worth individuals with net assets of $30 million or more, growing entrepreneurship, a strong middle class, greater penetration of ecommerce and demand from tier-2 and smaller cities. The premium and bridge-to-luxury fashion market is currently valued at $7.86 billion.
"For years, the ecosystem has lacked the right mix of real estate, supply and service excellence. As a result, Indian consumers have looked outward for the experiences they have sought," Birla said.
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