Source: Indian-retailer
The fashion world is buzzing with news about Purple Style Labs. The company has taken over the iconic Ismail Building in Mumbai, previously occupied by Zara.
The rental cost is a staggering ₹1 crore per day, making it one of the most expensive retail spaces in India.
Who is Purple Style Labs?
Purple Style Labs is a luxury fashion house that owns Pernia’s Pop-Up Shop. The company focuses on Indian designer wear and aims to make high-end fashion accessible.
Abhishek Agarwal, Purple Style Labs’ founder, started the company to support Indian designers and create a strong fashion ecosystem.
Zara Mumbai Store Closure
The Zara Mumbai store was one of the largest and most popular outlets in India.
However, due to business restructuring and rental costs, Zara decided to vacate the Ismail Building in Mumbai. This left a prime location open for a new tenant.
Purple Style Labs Mumbai saw an opportunity and secured the space for its expanding luxury business.
Why Is Purple Style Labs Paying ₹1 Crores Rent Daily?
The Ismail Building Mumbai owner has set a high rental price due to the location’s prestige. It is located in Fort, Mumbai, a high-footfall area known for its fashion and luxury brands. Purple Style Labs’ revenue model depends on luxury retail, and securing this location strengthens its brand image.
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Expansion of Purple Style Labs Mumbai
Purple Style Labs Mumbai is planning a grand launch of its flagship store in Ismail Building, Mumbai. This space will house top designer brands under Pernia Pop-Up Shop, offering premium clothing and accessories.
Key highlights of the expansion:
- Exclusive Indian designer collections.
- Luxury fashion events and pop-ups.
- Personalized styling services.
- A strong push toward premium retail experience.
Impact on the Indian Luxury Fashion Market
The decision by Purple Style Labs to take over Zara Fort Mumbai marks a shift in India’s fashion industry. It signals the growing demand for Indian designer wear and the dominance of local brands in the luxury space. Purple Style Labs’ turnover is expected to rise due to this premium retail presence.
How This Affects Purple Style Labs’ Revenue
The rental cost of ₹1 crores per day is a massive investment. However, Purple Style Labs revenue model is designed for high sales margins. The company is betting on its exclusive designer collections and luxury clientele to cover operational expenses and generate profit.
Purple Style Labs sells fancy clothes. They sell them online and in stores. They grew really fast. In two years, they made a lot more money.
They made 44 crores. Then they made 372 crores. That’s a big jump! They made 372 crores in 2023. They made 175 crores in 2022.
They sell clothes made by designers. That’s how they make money. A lot of their sales, over 40%, came from outside India. In 2022, they made 175 crores. In 2023, they made 372 crores.
They spent money on materials to make the clothes. That cost went up. They spent more on ads. They paid for workers, rent, and shipping. All of that cost a lot.
In 2022, they spent 227 crores. In 2023, they spent 422 crores.
They lost money, but less than before. They lost 52 crores. Then they lost 38 crores. That’s good! They spent 1.30 rupees to make one rupee. Now they spend 1.13 rupees to make one rupee.
They bought a store called Pernia’s Pop-Up Shop. Now they have 15 stores. They got money from people. They are worth a lot of money. Other companies sell the same clothes. They compete with them.
Reviews and Public Reactions
Many are curious about the impact of this move. Purple Style Labs reviews indicate strong customer satisfaction.
However, critics question whether the high rent is sustainable in the long term. Industry experts believe that luxury fashion in India is booming, making this a smart investment for Abhishek Agarwal Purple Style Labs.
Future of Purple Style Labs
- Luxury brand partnerships: Collaborations with top designers to expand their market share.
- Store expansions: Beyond Mumbai, cities like Hyderabad and Delhi could see new flagship stores.
- Digital growth: Strengthening its online presence to support retail sales.
- Stock market potential: Talks of Purple Style Labs share price reaching new highs if the retail expansion succeeds.
Conclusion
The closure of Zara Mumbai has opened new doors for Purple Style Labs. While the rent at Ismail Building Mumbai is high, it is a strategic move for growth. The company’s success in this location could set a new standard for luxury retail in India.
References
- Purple Style Labs Official Website
- Pernia’s Pop-Up Shop
- Business Standard – Purple Style Labs Revenue
- Economic Times – Ismail Building Mumbai Owner & Rent
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