Mukesh Ambani recently entered the premium luxury mall space with the grand opening of the Jio World Plaza in Mumbai. Business tycoon Atul Ruia is one of the pioneer of the segment in the country.
Asia and India’s richest person, Reliance Industries Limited Chairman Mukesh Ambani recently made one his biggest leaps in the retail sector with the launch of his ultra luxury mega-mall Jio World Plaza. The 7,50,000 square feet space will house some of the most luxurious brands from across the globe like Louis Vuitton, Gucci, Armani and Balenciaga. The red carpet event of the mall in one of Mumbai’s most posh localities Bandra Kurla Complex (BKC) was attended by A-list celebrities and Bollywood stars.
Around 30 minutes from Ambani’s Jio World Plaza stands the Phoenix Palladium, India's first premium luxury retail space, in Lower Parel. The luxury mall is one of the flagship establishments of Phoenix Mills, a listed real estate giant with a market cap of over Rs 36,000 crore. Now a major player in the mall, residential real estate and hotel segments, Phoenix Mills was a century old loss-making textile company until it saw a spectacular mill-to-mall transformation beginning in the 90s. The successful turnaround story was scripted by real estate maestro Atul Ruia. The Mumbai-based business tycoon entered the list of India’s billionaires in 2023.
Ruia today commands a net worth of nearly Rs 15,000 crore ($1.8 billion). He saw massive value in the 33 lakh square feet mill that was ailing amid rising costs of production and labour problems. Taking over the struggling family business in 1994, Ruia redeveloped the Phoenix Mills into Mumbai’s most sought after retail space. He opened a five-star luxury hotel in the compound in 2007. Phoenix Mills today runs 8 malls across 6 cities in the country, Mumbai, Ahmedabad, Indore, Lucknow, Chennai, Pune and Bengaluru. Its business interests also include St Regis Mumbai and Courtyard Marriott Agra hotels.
Atul Ruia retired as the Managing Director of Phoenix Mills and oversees the firm as Chairman. He went to the Wharton School, University of Pennsylvania in the United States. His business model aims to create a world-class mixed use real estate company. This includes owning, developing and managing retail assets, developing and selling residential assets, developing, owning and leasing commercial assets, and owning and developing hospitality assets.
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