Launches luxury mall, ropes in Louis Vuitton as tenant
BANGALORE: After starting a premium airline and buying one of the world’s oldest scotch-whisky makers, Vijay Mallya announced on Tuesday a new venture in high-end retail.
Mallya’s UB Group, the world’s third-largest maker of alcoholic spirits, will hold a 55% stake in UB City - the Collection, a Bangalore shopping mall exclusively retailing luxury brands, the company said on Tuesday.
Mallya, the self-styled “king of good times”, managed to rope in France’s Louis Vuitton as one of the anchor tenants of the mall, to be located on No 1, Vittal Mallya Road, named after his late father and due to open in early 2008.
“It has been purely driven by the vision of Mallya, who calls it a value proposition,” said Irfan Razack, chairman and managing director of the property group Prestige, which will hold the remaining 45% stake in the venture.
“It will be an iconic landmark of Bangalore — like what the Petronas Towers is to Kuala Lumpur,” said Razack, estimating the cost of the project at Rs 300 crore. “It will be an opportunity to tap high networth individuals.”
Other brands who have signed on for space in the 1.5 million square feet complex are Gucci, Fendi, Mont Blanc, Van Cleef Arpels, Zegna, Rolex and Omega.
The Venetian-style project will include a 250-room JW Marriot hotel, serviced apartments and office space, already leased to Citigroup, Toyota, ABN Amro, Jones Lang LaSalle, 3M, Ernst and Young and Yahoo!.
