French multi-national luxury fashion house Christian Dior has signed a lease agreement with Reliance India Limited to lease out its rental space at Jio World Plaza in Mumbai’s business district Bandra-Kurla Complex (BKC) for a term of 9.5 years i.e. operational till May 2032. The luxury brand has leased nearly 3,320 square feet of rental space at the rate of Rs. 21.56 lakh, or Rs. 650 per sq.ft. based on the higher amount of either a minimum monthly guaranteed sum or a net revenue share. The licensee Christian Dior Trading India will have a lock-in period of 36 months.
The agreement also includes a clause to escalate rentals by 7.5 per cent from the 19th month till the 42nd month and thereafter 15 per cent every 36 months. The brand has also paid an initial security deposit of Rs. 1.39 crores, reported to escalate at the same rate of 15 per cent every 36 months.
The global luxury brand is also operational in stores across India in Delhi, Mumbai and Bengaluru. The luxury brand’s expansion as such signifies a surge in luxury presence in India, reflecting the growing importance of the Indian market to high-end fashion brands.
