Luxury fashion retailer Purple Style Labs has secured a massive 60,000 square feet of retail space in Mumbai’s historic Ismail Building, following Zara’s departure from the 118-year-old heritage structure at Flora Fountain in South Mumbai.
The high-profile real estate deal, confirmed by property registration documents obtained by Propstack.com, involves an annual rent of ₹36 crore for the first year with a five-year lease agreement. This translates to an impressive daily rent of approximately ₹10 lakh.
Luxury Brand Takes Over Vacated Retail Space
According to the lease terms, the rent will increase annually, reaching ₹39 crore in the second year, ₹42 crore in the third year, ₹43.8 crore in the fourth year, and ₹45.6 crore in the fifth year. The total rent for the entire five-year period amounts to ₹206 crore, with Purple Style Labs paying a deposit of ₹18 crore.
The transaction was registered on December 23, 2025, with stamp duty exceeding ₹53 lakh.
Spanish fashion giant Zara vacated the premises after operating there for nine years, despite initially signing a 21-year lease agreement in April 2016.
The retailer had been paying ₹2.25 crore in rent when it first occupied the 47,565 square foot space, significantly less than what Purple Style Labs will now pay for a slightly larger area.
“Zara will hand over the premises by the end of this month, and starting March 1, there will be a new tenant,” confirmed Arif Fazlani, managing director of the Fazlani Group, which owns the historical Edwardian neoclassical building.
A notice posted outside the Zara store informed customers: “Please be informed that this Zara store will cease operations after the end of business on February 23. We will continue to assist you at all our Zara stores in Mumbai.”
Retail experts suggest that Zara’s exit might be linked to shifting demographics and foot traffic patterns in Mumbai. “The South Mumbai demographic that can afford Zara has largely shifted to Central Mumbai, particularly in Worli and Lower Parel, where they are likely shopping at Palladium Mall,” noted a retail head from an international property consultancy.
Purple Style Labs Expands Luxury Footprint in Mumbai
Zara continues to maintain a presence in Mumbai with stores at Palladium Mall in Lower Parel, Phoenix Market City in Kurla, Oberoi Mall in Goregaon, Infinity 2 Mall in Malad, and Viviana Mall in Thane. The brand operates in India through a 65:35 joint venture with the Tata Group’s Trent, known as Inditex Trent Retail India, which also manages the Massimo Dutti brand.
Purple Style Labs, established by Abhishek Agarwal in 2015, has been growing its luxury retail presence across Mumbai, with current stores at Kemps Corner, Juhu, and Bandra.
The firm picked up the successful multi-designer platform Pernia’s Pop-Up Shop in 2018 and has positioned itself as a major player in India’s luxury fashion space.
The firm acts as an incubator for young designer brands, with sales, marketing, and technical support. Its notable portfolio includes high-profile Indian designers like Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, Seema Gujral, Abhinav Mishra, and Shyamal & Bhumika.
The firm extended further in 2020 by buying the brand of famous Goa-based designer Wendell Rodricks after his sudden demise.
The acquisition of this prime retail space in the famous Ismail Building is a major milestone for Purple Style Labs as it continues to consolidate its position in India’s luxury fashion scene. The huge investment is a vote of confidence in the high-end retail market despite evolving urban consumption habits.
Though Purple Style Labs has yet to respond to inquiries regarding their intentions for the property, the move is likely to revolutionize South Mumbai’s Fort area retail space, introducing a portfolio of Indian luxury designer brands to the old building that has been a part of the city’s commercial center for more than a century.
