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Zara has closed its flagship store in South Mumbai’s historic Ismail Building at Flora Fountain after nine years. Luxury fashion brand Purple Style Labs (PSL) has taken over the 60,000 sq ft retail space, signing a five-year lease worth Rs 2.06 billion, with a daily rent of Rs 100 million, as per property registration documents. Founded by Abhishek Agarwal in 2015, Purple Style Labs operates the high-end Pernia’s Pop-Up Shop, which features renowned designer labels like Tarun Tahiliani, Falguni Shane Peacock, and Gaurav Gupta. The company has a growing presence in Mumbai with stores in Kemps Corner, Juhu, and Bandra. The lease agreement outlines an annual rent of Rs 360 million in the first year, rising to Rs 456 million by the fifth year. The deal also included an Rs 180 million deposit and a stamp duty of over Rs 5.3 million. Zara’s departure marks the end of its standalone presence in the iconic Edwardian neoclassical building, though the brand continues to operate in other locations across Mumbai, including Palladium Mall in Lower Parel and Phoenix Market City in Kurla. Zara, part of Inditex Trent Retail India â€� a joint venture between Inditex SA and Tata Group â€� has been operating in India since 2010. (HT) Image Source:livemint