Spanish fashion brand Zara shuts flagship Mumbai store at Hutatma Chowk

Spanish fashion brand Zara has shut its Mumbai’s flagship store at Hutatma Chowk spread across 51,300 sq ft. Its store was situated in a heritage structure called Ismail building which is over 100-year-old.

 

Zara had opened this store in May 2017. Local architects from India had worked with Zara’s in-house architecture team for two years to restore the space before the store was opened.    

According to a registration document provided by Propstack, the tenure for the lease was for 21 years, which was registered on 1 April 2016.   The monthly rent for the company’s five-storey store was ₹2.25 crore with a deposit of ₹13.5 crore. According to a source familiar with the matter, the store’s sales were not able to keep up with the high rentals. 

 

Zara, which is part of the Inditex Group, entered the country in 2010 through a joint venture with the Tata Group.   

According to Trent’s FY24 annual report, Zara has a total of 23 stores across 12 cities and the fashion brand saw its total income at ₹2,774.64 crore against ₹2,562.50 crore in the previous financial year. 

Inditex’s JV with the Tata Group also houses its other brand-Masimmo Dutti.