Mallya enters high-end retail

07 Nov 2007

Fascinated by the high-end brands entering the country, Vijay Mallya led UB Group, the world's third-largest maker of alcoholic spirits, has entered the business of high-end retail.

The group will hold 55 per cent stake in the Collection, a shopping mall that will exclusively retail high-end luxury brands, coming up in Bangalore. The rest of the stake remains with the property developers Prestige Estates.

Louis Vuitton, a French luxury brand, has been roped in as the anchor along with other high-end tenants including Gucci, Fendi, Mont Blanc, Van Cleef & Arpels, Zegna, Rolex and Omega.

Located on No 1, Vittal Mallya Road, named after his late father, the mall is expected to open in early 2008.

The project will include a 250-room JW Marriott hotel, serviced apartments and office space, already leased to Citigroup, Toyota, ABN Amro, Jones Lang LaSalle, 3M, Ernst&Young and Yahoo.