Zara Shuts South Mumbai Store, Purple Style Labs Leases Space

26 Feb 2025 CW Team

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

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..