Zara Shuts South Mumbai Store, Purple Style Labs Leases Space
ECONOMY & POLICY

Zara Shuts South Mumbai Store, Purple Style Labs Leases Space

Zara has closed its flagship store in South Mumbai’s historic Ismail Building at Flora Fountain after nine years. Luxury fashion brand Purple Style Labs (PSL) has taken over the 60,000 sq ft retail space, signing a five-year lease worth Rs 2.06 billion, with a daily rent of Rs 100 million, as per property registration documents. 

Founded by Abhishek Agarwal in 2015, Purple Style Labs operates the high-end Pernia’s Pop-Up Shop, which features renowned designer labels like Tarun Tahiliani, Falguni Shane Peacock, and Gaurav Gupta. The company has a growing presence in Mumbai with stores in Kemps Corner, Juhu, and Bandra. 

The lease agreement outlines an annual rent of Rs 360 million in the first year, rising to Rs 456 million by the fifth year. The deal also included an Rs 180 million deposit and a stamp duty of over Rs 5.3 million. 

Zara’s departure marks the end of its standalone presence in the iconic Edwardian neoclassical building, though the brand continues to operate in other locations across Mumbai, including Palladium Mall in Lower Parel and Phoenix Market City in Kurla. Zara, part of Inditex Trent Retail India — a joint venture between Inditex SA and Tata Group — has been operating in India since 2010. 

(HT) 
Image Source:livemint   

Zara has closed its flagship store in South Mumbai’s historic Ismail Building at Flora Fountain after nine years. Luxury fashion brand Purple Style Labs (PSL) has taken over the 60,000 sq ft retail space, signing a five-year lease worth Rs 2.06 billion, with a daily rent of Rs 100 million, as per property registration documents. Founded by Abhishek Agarwal in 2015, Purple Style Labs operates the high-end Pernia’s Pop-Up Shop, which features renowned designer labels like Tarun Tahiliani, Falguni Shane Peacock, and Gaurav Gupta. The company has a growing presence in Mumbai with stores in Kemps Corner, Juhu, and Bandra. The lease agreement outlines an annual rent of Rs 360 million in the first year, rising to Rs 456 million by the fifth year. The deal also included an Rs 180 million deposit and a stamp duty of over Rs 5.3 million. Zara’s departure marks the end of its standalone presence in the iconic Edwardian neoclassical building, though the brand continues to operate in other locations across Mumbai, including Palladium Mall in Lower Parel and Phoenix Market City in Kurla. Zara, part of Inditex Trent Retail India — a joint venture between Inditex SA and Tata Group — has been operating in India since 2010. (HT) Image Source:livemint   

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code