+
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   

Next Story
Infrastructure Urban

APCRDA Approves Rs 9.04 Bn to Upgrade Infrastructure in 29 Amaravati Villages

The Andhra Pradesh Capital Region Development Authority (APCRDA), chaired by Chief Minister N Chandrababu Naidu, has approved Rs 9.04 billion for addressing key infrastructure gaps in 29 villages within Amaravati’s greenfield capital area, announced Municipal Administration Minister P. Narayana at the 51st CRDA meeting.The funds will be used to upgrade critical facilities including roads, drains, drinking water supply, sewerage systems, and street lighting. A detailed assessment revealed a 30 per cent shortfall in water supply, a total absence of sewerage infrastructure, a 40 per cent defici..

Next Story
Infrastructure Transport

Cabinet Approves Phase-1B of Lucknow Metro Rail Project Worth Rs 58.01 Bn

The Union Cabinet, led by Prime Minister Narendra Modi, has approved Phase-1B of the Lucknow Metro Rail Project in Uttar Pradesh. This phase covers an 11.165 km corridor with 12 stations—7 underground and 5 elevated—extending the city’s metro network to 34 km upon completion.Phase-1B targets the dense, historic parts of Lucknow, enhancing connectivity across key commercial, healthcare, tourist, and culinary hubs. Important areas served include Aminabad, Yahiyaganj, Pandeyganj, Chowk, King George’s Medical University, and landmarks like Bara Imambara and Rumi Darwaza.This expansion prom..

Next Story
Infrastructure Transport

Major Upgrades Planned for Tamil Nadu’s National Waterways

Tamil Nadu is poised for significant infrastructure upgrades across its National Waterways (NWs), with a focus on developing jetties, cargo hubs, and cruise tourism circuits, according to the Ministry of Ports, Shipping and Waterways. These projects aim to promote sustainable inland water transport and boost regional economic activity.Key projects include the development of Buckingham Canal (part of NW-4), with jetties planned at the following locations:Mahabalipuram to Ediyur BridgeCooum River near Marina BeachPulicat LakeEnnore Port to ETPS, specifically for cargo operationsOther National Wa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?