Reliance to make Magmaal by investing Rs 76 billion, All luxury brands from around the world will be available

Mumbai: The luxury goods market in India is considered to be very small for its size and population, but an organization called Eurometer estimates that this market will double to $5 billion in the next five years. In an effort to tap into this growth, Reliance is building a mall where brands ranging from Louis Vuitton to Gucci, which are known worldwide for their luxury and elegance, will be sold. go.

The Ritzy Mall, named Jio World Plaza, is at the heart of Reliance's efforts to woo customers buying expensive shoes or bags in India. Reliance has already surpassed everyone in the retail market. Reliance is at the top of the $900 billion retail markets. However, reliance is facing a tough challenge from e-commerce websites and supermarket brands like Amazon and Walmart. At least three people familiar with Reliance's strategy told the media that Reliance's effort in the luxury market is to partner with foreign brands and put its competitors in the market to the fore.

Jio World Center is a huge shopping mall, which is being built in The Posh Area of Bandra Kurla in Mumbai. There are already many luxury malls here. Experts say that the total cost of building the Jio World Center could be more than $1 billion i.e. 76 billion rupees. Such a huge investment on behalf of reliance, a $238 billion company, shows how keen the Ambani family is on luxury brands. Mukesh Ambani's 30-year-old daughter Isha is particularly interested in this case.

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