French luxury department store Galeries Lafayette is all set to open its first flagship store in India, in Mumbai
Image for representational purpose only. Photo Courtesy: Offical Instagram account of Galeries Lafayette India
French luxury department store Galeries Lafayette is all set to open its first flagship store in India, in Mumbai. The store will open in early November with plans for another one in the capital Delhi. The luxury brand has a 20-year licensing agreement with Aditya Birla Fashion and Retail Limited (ABFRL), part of the Aditya Birla Group.
The store located in the Fort neighbourhood of Mumbai, stretches across five levels and spans 90,000 sq ft and is set to host more than 250 luxury and designer brands across fashion, beauty and accessories. The store will also offer a private lounge and concierge services among other things.
According to the French retailer, the Indian luxury market lacks retail avenue for higher spending consumers who shop for a spate of labels across pricey fashion houses and shopping stores abroad. India’s luxury market is valued at $85bn by 2030.
Demand for luxury goods in India is being driven by increasing wealth creation and a shift in consumer tastes for premium products. Galeries Lafayette, founded 130 years ago, operates 65 stores in France and abroad, offering products across fashion, accessories, home and food categories. Galeries Lafayette’s flagship store in Paris’ Boulevard Haussmann is the second most-visited tourist spot in the French capital after the Eiffel Tower.
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