Mukesh Ambani’s Reliance Industries has leased a Bandra-Kurla Complex store space to Louis Vuitton. A long-term lease was signed for the purpose. It will be the largest showroom in the whole globe for the upscale brand.
The business has had a 9.5-year lease on the area. The new store has a total floor area of 7365 square feet. Jio World Plaza is where it will be.
Louis Vuitton India Retail would provide Reliance a monthly payment of Rs. 40.5 lakh. It will pay the greater of the amount or 6% of the net revenue share. The rent will increase by 15% after 36 months.
A 2.43 crore rupee security deposit has been made by the corporation. Additionally, they paid Rs. 29.46 lakh for fit-outs and Rs. 24.30 lakh as security for the common space.Owner is Bernard Arnault, the second richest man in the world and owner of 75 luxury clothes and cosmetics brands. His net worth is 208 billion USD. The richest individual in Asia is Mukesh Ambani, with 94 billion dollars.
The US Tiffany and Company acquisition cost Arnault 15.8 billion dollars in 2021.
He bought Christian Dior for $15 million in 1984.
Conclusion:-
Louis Vuitton has leased a 7365-square-foot retail space in Mumbai’s Bandra-Kurla Complex from Mukesh Ambani’s Reliance Industries. The 9.5-year lease would cost Reliance Rs. 40.5 lakh per month, with a 15% rent rise after 36 months. The firm spent 29.46 lakh for fit-outs and 24.30 lakh for common space security. Owner is Bernard Arnault, the second richest man in the world and owner of 75 luxury clothes and cosmetics brands. The richest Asian, Ambani, is worth 94 billion dollars.
