After Zara exit, Purple Style Labs leases Mumbai's Ismail Building

After Spanish fashion brand Zara shut its flagship store in Mumbai’s Fort, Purple Style Labs (PSL Retail) has leased the retail space of 59,350 square feet (sq ft) in the Ismail Building for five years.

 

According to the lease registration document provided by Propstack, the luxury fashion brand will pay a monthly rent of Rs 3 crore for the first year of the lease period. The rent will escalate further to Rs 3.8 crore by the fifth year of the lease period.

 

Earlier, Zara, the building’s previous tenant, shut its store on Monday (February 24). It was paying a rent of Rs 2.25 crore for 51,300 sq ft and had registered a lease agreement with a tenure of 21 years on April 1, 2016.

 

However, the store’s sales were unable to keep pace with high rentals, according to people aware of the matter.

 

Additionally, for the space, Purple Style Labs paid a deposit of Rs 18 crore and a stamp duty of Rs 53.9 lakh. The firm will get to use the 100-year-old building’s five floors, starting from its ground floor.

 

According to a source familiar with the matter, the building will host Pernia’s Pop-Up Shop, a luxury fashion and lifestyle arm of Purple Style Labs.

 

The lease transaction was registered on December 13, 2024, as a leave and license agreement.