Galeries Lafayette opens first store in India

The historic French department store chain Galeries Lafayette is set to open its first store in the Indian financial hub of Mumbai this November. It aims to attract the growing middle class and affluent consumers interested in luxury goods.

The department store will open in a historic district of Mumbai, spanning 8,400 square metres across five floors. It will stock around 250 luxury and designer brands. Galeries Lafayette and its Indian partner, the Aditya Birla Group, announced the news in a joint statement on Wednesday.

The luxury market in India, the world's most populous country with 1.4 billion inhabitants, is still small but is experiencing strong growth.

The world's fifth-largest economy adds tens of thousands of new millionaires each year, who proudly display their Lamborghinis or Louis Vuitton bags.

According to international management consultancy Kearney, the luxury goods market is projected to grow from 7.7 billion US dollars in 2023 to 12 billion US dollars by 2028.

“The growth rate will surpass that of other major luxury markets in the world,” the consultancy explained.

Galeries Lafayette hopes to capture a significant share of this promising market. “Mumbai plays an important role and is therefore the logical location for the first store in India,” the two companies stressed. They had entered into their partnership in 2022.

At the time, they announced the opening of a first store in Mumbai for 2024 and a second in Delhi for 2025. However, both projects have been delayed by a year.

The Mumbai opening marks a “new chapter” in the retailer's international expansion, explained Nicolas Houzé, CEO of Galeries Lafayette.

“With Mumbai as an anchor, we are proud to present an experience that combines French heritage, creativity and innovation. At the same time, we are embracing the energy and cultural richness of India,” he added in the statement.

Aditya Birla Group's chairman, Kumar Mangalam Birla, stated that this partnership represents “a pivotal moment for luxury retail in India”.

“Together, we are creating a unique destination in the heart of Mumbai. For the first time, India will be home to a luxury department store. It is located in a historic site, realised with remarkable precision and imbued with the elegance that is inherent to Indian sensibilities,” he assured.

According to its website, Galeries Lafayette already has a presence in several major cities worldwide, including Doha; Dubai; Jakarta; Luxembourg; Beijing; Shanghai; Shenzhen and Macau.