India, Feb. 25 -- Zara has closed its only independent store in the 118-year-old heritage Ismail building at Flora Fountain, South Mumbai. Luxury fashion brand Purple Style Labs has now leased 60,000 sq ft of retail space in the same iconic building for an annual rent of Rs.36 crore, securing a five-year lease, as per property registration documents obtained by Propstack.com.

According to property registration documents, the new tenant has taken the space on a five-year lease.

Purple Style Labs, founded by Abhishek Agarwal in 2015, retails high-end designer brands under Pernia's Pop-Up Shop brand.

The firm acquired Pernia's Pop-Up Shop in 2018. It incubates young designer brands and helps them with sales, marketing, and technical suppo...