NEW DELHI
:
Purple Style Labs, the parent of luxury fashion omni-channel platform Pernia’s Pop-Up Shop, has secured an $8-million (about ₹66.6 crore) Series-D round led by Sanket Parekh of the Pidilite family office, with participation from Signet, the family office of Harish Shah, Hira Group’s family office and other investors.
Existing investors also participated, including Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, fashion designer Masaba Gupta, and the former partners of Premji Invest, Rahul Garg and Atul Gupta. The company was valued at $352 million for the fundraising.
Purple Style Labs sells products of renowned labels like Tarun Tahiliani, Amit Aggarwal, Falguni Shane Peacock, Gaurav Gupta, Seema Gujral, Abhinav Mishra, and Shyamal and Bhumika. It acquired Pernia’s Pop-Up Shop in 2018. Its founder Abhishek (Monty) Agarwal said the company has grown over 100% annually for the past two years, with gross sales of $60 million on a consolidated basis in FY23.
Its current gross sales run rate is around $100 million, he added. The firm is looking to double it within 2-3 years and will subsequently opt for public listing in FY26.
It is focusing on expanding its omnichannel presence. At present it runs 15 Pernia’s Studio experience centres around the world catering to women as well as men. It’s present in Mumbai, Bengaluru, Hyderabad, Delhi, Kolkata, Ahmedabad, Surat and Mayfair, London. It is looking to expand to New York, San Francisco, Los Angeles, Dubai and Singapore as part of its global expansion plan, besides Chennai, Chandigarh, Indore, Lucknow and Jaipur.
“We hope to expand to key domestic and global locations, to take Indian fashion and design to the next level,” Agarwal said.
Sanket Parekh added, “Pernia’s Pop-Up Shop has bridged a significant industry gap, offering an organized retail space for designer wear, allowing designers to focus on their creative talents. It could scale Pernia’s Pop-Up Shop to become the foremost destination for discovering new design talent.”
In mid 2022, it had raised $10 million (about ₹80 crore) from a clutch of investors and later another ₹10 crore from Indian investment company Klub.
