Brands
Galeries Lafayette lands in Mumbai with massive bet on Indian luxury
MUMBAI: Mumbai will get its first luxury department store next month when Galeries Lafayette throws open the doors of its 90,000 sq ft flagship in the heritage Turner Morrison and Voltas House buildings at Kala Ghoda. The move marks the French retailer’s biggest bet yet on India’s exploding luxury market, forecast to hit $85bn by 2030.
The partnership between the 130-year-old Parisian institution and Aditya Birla Fashion and Retail Limited (ABFRL), struck in 2022, brings more than 250 global luxury brands to five floors of meticulously restored colonial grandeur. London’s Virgile + Partners has designed the space to blend Parisian refinement with Mumbai’s architectural heritage.
Aditya Birla group chairman Kumar Mangalam Birla called it “a coming-of-age moment for Indian luxury retail.” He pointed to India’s fastest-growing affluent population and a new generation of globally exposed consumers hungry for high-end experiences. “For the first time, India will welcome a luxury department store, housed in landmark real estate, executed with precision, and infused with the elegance of Indian sensibilities,” he said.
Galeries Lafayette group executive chairman Nicolas Houzé described the Mumbai opening as “a defining moment” that brings together French heritage with India’s energy and cultural richness. The partnership with the Aditya Birla group, he added, gives the project “a particularly strong foundation.”
To mark the occasion, both chairmen sailed from the Gateway of India aboard a flotilla of yachts for a celebration on the Arabian Sea—a suitably theatrical arrival for a brand built on spectacle.
Beyond the merchandise, the flagship offers personal styling, private lounges, concierge services and curated cultural programmes. ABFRL, managing director Ashish Dikshit said the store aims to create “cultural experiences” that go beyond retail. “We are setting new benchmarks in assortment, service and experience,” he said.
The store opens early next month at 16 G. Vaidya Road, Kala Ghoda. If India’s luxury trajectory holds, it won’t be the last of its kind. Mumbai’s moneyed set, it seems, is ready to shop like Parisians—without leaving home.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
