Note-ban woes lead luxe brands to seek rent reduction from malls

Note-ban woes lead luxe brands to seek rent reduction from malls

From Emporio in New Delhi to UB City in Bengaluru, top-end malls all over the country are facing demands for rental reductions by luxe brands which cite note-ban woes as the reason for their request. Claiming to be one of the hardest hit sectors by demonetisation, luxury brands have asked for as much as 25% per cent cuts in rentals. Luxury retailers, such as Genesis Luxury that sells a bouquet of high-end labels in India including Jimmy Choo, Canali and Giorgio Armani, have also reportedly asked for rental concessions from malls.