NEW DELHI
: Purple Style Labs, the parent of luxury fashion omnichannel platform Pernia’s Pop-Up Shop, has secured $8 million (approx. ₹66.6 crore) Series-D round led by Sanket Parekh of the Pidilite family office, with participation from Signet, Harish Shah’s family office, 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 from famous 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 more than 100% annually for the past two years, with gross sales of $60 million on a consolidated basis in FY23.
Its current gross sales amount is about $100 million, he added. The company aims to double it within 2-3 years and will then opt for a public listing in FY26.
It is focused on expanding its omnichannel presence. It currently runs 15 Pernia’s Studio experience centers around the world serving women as well as men. It is 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,” said Agarwal.
Sanket Parekh added, “Pernia’s Pop-Up Shop has bridged a significant industry gap, offering an organized retail space for designer apparel, allowing designers to focus on their creative talents. It could catapult Pernia’s Pop-Up Shop to become the foremost destination for discovering new design talent.”
By mid-2022, it had raised $10 million (approx ₹80 crore) from a set of investors and then another ₹10 crore from Indian investment company Klub.