OVS, an Italian fashion brand, has leased a retail space of more than 11,000 sq ft in Mumbai's Borivali area in the Sky City Mall. As per the property registration documents, the company has leased the space for a five-year tenure at the total rent of approximately ₹28 crore, or 10% of the store's revenue, whichever amount is greater.

• Situated in the Sky City Mall, the retail space is leased on the ground floor for a period of five years beginning from March 2026 to February 2031, with a lock-in period of 30 months, according to the documents.
• The space leased has a total carpet area of 11,158 sq ft, with a monthly rent for the initial year is ₹41.84 lakh, ₹44.63 lakh for the next two years after that and ₹51.32 lakh for the last two years, or 10% of the store's revenue during the particular month, whichever amount is greater.
• The documents further mention that the transaction includes a security deposit of ₹4.18 crore for the first year and rises up to ₹5.13 crore for the last two years of the lease period.
• The company paid a stamp duty of ₹8.34 lakh and a registration fee of ₹1,000 for the transaction registered on October 27, 2025.

1. Apple India

In May 2025, Apple India had leased a retail space of 12,616 sq ft with an additional storage space of 150 sq m and five car parking spaces at a monthly rent of ₹17.35 lakh in the Sky City Mall. The space lease commenced on May 8, 2025, is located on the ground floor, as per the documents.

According to the agreement, the company will pay an annual rent of approximately ₹2.08 crore as well as 2% of the store revenue for the first 42 months and 2.5% after that under the revenue-sharing clause.

2. PVR Inox Ltd

PVR Inox Ltd had leased 43,534 sq ft of retail space in the Sky City Mall for a period of 15 years from Oberoi Realty in July 2025. According to the property documents, the monthly rent of the space leased is ₹91.42 lakh or 20% revenue share every two years, whichever amount is greater.

• In March 2025, Oberoi Realty commenced the new shopping mall called 'Sky City Mall' which is located in Borivali, Mumbai.
• Being the second mall by Oberoi Realty, followed by Oberoi Mall in Goregaon East, the mall has a gross leasable area (GLA) of around 12.07 lakh sq ft, totaling approximately 7.24 lakh sq. ft. of leasable carpet area.
• Developed by Incline Realty Private Limited, the shopping mall is incorporated under the Sky City's mixed-use development project of 25 acres.

As per the report, OVS brand aims to expand its footprint in the Indian market by opening at least five outlets by 2027. In 2025, the company had also leased a retail space of 9,000 sq ft in Delhi's Pacific Mall.

OVS's lease of 11,158 sq ft for a period of five years in the Sky City Mall underscores the growing appeal toward premium suburban retail hubs. With the current lease in the mall and the upcoming outlets in India, positions the brand alongside other international and domestic retailers in the area.