The traditional French department store chain Galeries Lafayette will open its first store in the Indian financial metropolis of Mumbai in November. The aim is to appeal to the growing middle class and wealthy customers who are interested in luxury products.
The department store will open in a historic area of Mumbai. It covers 8,400 square meters over five floors and will stock around 250 luxury and designer brands. Galeries Lafayette and its Indian partner, the Aditya Birla Group, announced this in a joint statement on Wednesday.
The luxury market in India, the most populous country in the world with 1.4 billion inhabitants, is still small but is growing strongly.
The world’s fifth largest economy records tens of thousands of new millionaires every year. They proudly display their Lamborghinis or Louis Vuitton bags.
According to international management consultancy Kearney, the luxury goods market is expected to grow from $7.7 billion (€6.6 billion) in 2023 to $12 billion by 2028.
“The growth rate will exceed that of other major luxury markets in the world,” said the management consultancy.
Galeries Lafayette hopes to capture a large part of this promising market. “Mumbai plays an important role in this and is therefore the logical location for the first store in India,” emphasized the two companies. They had entered into their partnership in 2022.
At that time, they announced the opening of a first store in Mumbai in 2024 and a second in Delhi in 2025. However, both projects have been delayed by a year.
With the opening in Mumbai, the retailer is starting a “new chapter” in international expansion, said Nicolas Houzé, CEO of Galeries Lafayette.
“With Mumbai as our anchor, we are proud to present an experience that combines French heritage, creativity and innovation, while absorbing the energy and cultural richness of India,” he added in the statement.
Aditya Birla Group Chairman Kumar Mangalam Birla said this partnership marks “a defining moment for luxury retail in India”.
“Together, we are creating a unique destination in the heart of Mumbai. For the first time, India will host a luxury department store. Located in a historic location, it has been realized with remarkable precision and is imbued with the elegance inherent to Indian sensibilities,” he asserted.
According to their website, Galeries Lafayette is already present in several major cities worldwide, including Doha, Dubai, Jakarta, Luxembourg, Beijing, Shanghai, Shenzhen and Macau.
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