The Ambanis are not only taking India to the global platform but also making a pioneering step in bringing many world-famous brands into the nation. Once again, we got reports of the great businessman, Mukesh Ambani playing a pivotal role in expanding Apple’s presence in India. Yes! You read it right. Finally, the wait is over, and now, the Apple products will soon be sold in India's first retail store at Reliance Jio World Drive mall in Mumbai. And ahead of the store's launch, the Apple CEO, Tim Cook was spotted outside the Ambani's house, Antilia.
A few moments ago, Akash Ambani and Isha Ambani were spotted outside their house, Antilia. The sibling duo was seen seeing off the CEO of Apple, Tim Cook as he had come to Antilia ahead of the launch of the brand's first Retail store in India at Jio World. Reportedly, the launch event will take place on April 18, 2023.
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Taking forward their father and grandfather's legacy, Akash Ambani and Isha Ambani have already made a name for themselves in the business world. In the glimpses which surfaced on the internet, Akash and Isha were seen talking with Tim Cook, Manoj Modi, and other officials present over there. Indeed, it seemed that the Ambanis, along with other concerned people, are extremely excited about the store launch.
According to reports, after a long wait, Apple's first retail store will start operating in India from the Ambanis-owned mall in Mumbai. For the same, Apple has gone under an 11-year deal with the Ambanis for a space of around 20,800 square feet. The minimum monthly rent of the store area is about Rs. 42 lakhs. Afterwards, the rent would increase by 15 per cent every three years. Alongside this, Apple would also have to pay a 2 per cent revenue share contribution for the first three years and a 2.5 per cent after the first three years.
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However, Apple's 11-year deal with the Ambani-owned mall in Mumbai has a strict barricade against all its rivals. The tech giant has leased an ‘exclusive zone’ in the mall, which would bar 22 competing brands, including Facebook, LG, Microsoft, Amazon, Google, Sony, and others, from occupying space or displaying any advertisement. In addition, the licensor would not be allowed to grant any licenses, sublicenses, leases, subleases or any other agreements to the brand's rivals.
We are excited to see more glimpses from Apple's store launch at the Reliance Jio World Drive mall. What about you? Let us know!
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