Purple Style Labs (PSL Retail) has leased 59,350 sq ft in the iconic Ismail Building for a five-year period. Zara Mumbai store closed on February 24, 2025, vacating the prime Fort location. PSL Retail will pay Rs 3 crore per month in the first year, escalating to Rs 3.8 crore by the fifth year. Pernia’s Pop-Up Shop, a premium fashion division of PSL, will occupy the space. PSL Retail has also paid a Rs 18 crore deposit and Rs 53.9 lakh in stamp duty.
Key Highlights:
Purple Style Labs Takes Over Prime Mumbai Retail Space:
Luxury fashion retailer Purple Style Labs (PSL Retail) has made a bold move in Mumbai’s high-end retail sector by securing a 59,350 sq ft lease in the historic Ismail Building. This development follows the closure of Zara’s Mumbai store on February 24, 2025. PSL Retail has signed a five-year lease agreement, marking a significant expansion in India’s luxury fashion space.
Zara Mumbai Store Closure and Transition:
Zara, the Spanish fast-fashion giant, had been a long-term tenant of the Ismail Building since April 1, 2016, operating under a 21-year lease agreement. However, due to challenges in sustaining sales amidst high rental costs, the brand exited the space, vacating 51,300 sq ft for a monthly rent of Rs 2.25 crore.
PSL Retail’s Lucrative Lease Terms:
Under the new agreement, PSL Retail will occupy a larger area (59,350 sq ft) across five floors of the 100-year-old Ismail Building, starting from the ground floor. The rental terms include:
- First-year rent: Rs 3 crore per month
- Fifth-year rent: Rs 3.8 crore per month
- Deposit paid: Rs 18 crore
- Stamp duty paid: Rs 53.9 lakh
- Lease agreement recorded on: December 13, 2024
Pernia’s Pop-Up Shop to Lead the Transformation:
The Ismail Building will soon become home to Pernia’s Pop-Up Shop, an elite fashion and lifestyle brand under PSL Retail. With a reputation for curating designer collections, the brand’s presence in Mumbai’s Fort area will strengthen its positioning in the luxury retail industry.
Impact on Mumbai’s Luxury Fashion Market:
This lease deal signifies a shift in Mumbai’s premium fashion retail landscape. The transition from Zara to a homegrown luxury fashion brand highlights the growing influence of Indian designer labels and premium fashion retailers.
The Purple Style Labs Mumbai lease of the Ismail Building marks a significant expansion for luxury fashion in India. With Pernia’s Pop-Up Shop set to occupy the space, PSL Retail is positioning itself as a leader in high-end retail. The strategic acquisition of this prime property reinforces its commitment to enhancing Mumbai’s premium shopping experience.
Stay tuned for further updates on PSL Retail’s developments in Mumbai’s luxury fashion market.
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