In a significant move, the UB Group is planning to foray into development of luxury retail stores. Its first mega store will be launched at the Vittal Mallya Road in Bangalore in the next six months. Vittal Mallya was Vijay Mallya?s father.
V Shashikanth, chief executive officer, UB Global, told FE, ?The luxury retail is called UB CITY ? The Collection, which will not be a mall but an individual high-end luxury stores housing some of the world?s best brands. It will include Louis Vuitton, Gucci, Salvatori Ferragamo, Dunhill, Burberry, Van Cleef, Apple, Zegna, Mont Blanc, Rolex, Omega, Tag, Estee Lauder. This, in itself, distinguishes UB CITY ? The Collection from its competitors.?
Shashikanth said, ?We believe that this would be the fist ever luxury destination shopping experience in India comprising of some of the world?s best known bands. Property development within The UB Group is handled by United Breweries (Holdings) Ltd. The rationale behind this move is our findings of the Indian consumer whose aspirational levels are increasing and with more disposable income, luxury retail need not be considered as taboo any longer. The UB Group has not entered into distribution arrangement with luxury brands for UB CITY ? The Collection. In fact, the products that would be retailed would be fashion wear, accessories, footwear, jewellery, watches, writing instruments and eyewear.?
UB CITY ? The Collection will be spread over 1.20 lakh sq ft and all of the retail space will be owned by its joint venture partners — The UB Group and The Prestige Group. The high-end luxury stores have been leased to both brand owners and franchise operators. The interiors of the UB CITY ? The Collection has been designed by Bentel Associates, South Africa and the property consultants are Jons Lang LaSalle Meghraj.
?The UB Group will evaluate any opportunities that may arise in the future in the retail area,? he summed up.
