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

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..