Zara has shut down its only independent store in South Mumbai’s historic Ismail Building at Flora Fountain, marking a significant shift in the city's retail landscape. In its place, luxury fashion chain Purple Style Labs has secured a five-year lease for the 118-year-old heritage property, leasing 60,000 sq. ft of retail space for an annual rent of ₹36 crore.

According to property registration documents obtained by Propstack.com, the lease agreement was finalized on December 23, 2024. Purple Style Labs will pay a monthly rent of ₹3 crore in the first year, with annual escalations: ₹39 crore in the second year, ₹42 crore in the third, ₹43.8 crore in the fourth, and ₹45.6 crore in the fifth. The company has also paid a deposit of ₹18 crore for the transaction, with stamp duty of over ₹53 lakh and a registration fee of ₹1,000.

Zara’s exit from Fort reflects a growing trend where global fashion brands are reconsidering high-rent locations in Mumbai. The store, which opened in May 2017, spanned 51,300 sq. ft across five floors and was a popular shopping destination for the city’s elite.

Operated in India by Inditex Trent, a joint venture between Spain’s Inditex and Tata Group’s Trent Ltd, Zara had been paying ₹30 crore annually to the building’s owner, Supariwala Exports, under a 15-year lease with a five-year lock-in period.

With Purple Style Labs stepping in, the iconic Ismail Building is set to retain its status as a prime luxury retail hub in Mumbai’s bustling business district.