Mukesh Ambani Earning Millions From Apple’s Mumbai Store

Mukesh Ambani is making millions monthly through the sale of Apple products in India, all without being directly involved in iPhone production. The billionaire businessman has been raking in millions by renting out the Reliance Jio World Drive mall's prime spots for Apple's first retail store in India.

The Apple Store is situated at the Jio World Drive in Mumbai's Bandra Kurla Complex (BKC). The store has the latest Apple products including the iPhone, Mac, iPad, Apple Watch, AirPods, Apple TV, and AirTag. It also offers Apple Pickup, which lets customers purchase Apple products online and then pick up the product from the store.

Apple BKC Store: Lease Details

Apple has agreed to rent a space of approximately 20,800 square feet for 11 years. The rent of the store will rise by 15% every three years. Apple will also make a minimum monthly payment of ₹42 lakh and an additional 2% of the revenue share for the first three years. After the three-year period is over, the revenue share will rise to 2.5%.

Apple BKC's sales exceeded ₹10 crore on the store's opening day, according to a report by The Economic Times. As for the monthly sales, the store has sold approximately ₹25 crore worth of Apple products.

Apple's Exclusivity Zone at Reliance Jio World Drive

The Reliance Jio World Drive mall, owned by Ambani, offers an exclusive zone to Apple. According to the contract, this prevents 22 competing brands such as Amazon, Google, Facebook, Microsoft, LG, Sony, and others from renting space or putting up its ads within the mall's exclusivity zone.

"The licensor will not give on the license, sub-license, lease, sub-lease, or any other arrangement nor allot any of the brands listed as 'Competing Brands' to occupy any space for setting up of retail stores for retailing, advertising, selling, offering, displaying and merchandising their products and services within the area of the shopping center depicted on exclusivity zone," states the agreement.

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