New Delhi: Luxury fashion company Purple Style Labs (PSL) has secured $8 million (approx ₹66.6 crore) in its Series-D funding round, led by Sanket Parekh of the Pidilite family office.
The funding was raised at a valuation of $352 million, said Purple Style, the parent company of Pernia’s Pop-Up Shop, a luxury fashion omnichannel platform.
The round also saw participation from Signet (Harish Shah’s family office), Hira Group’s family office and other investors. Existing investors like Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, fashion designer Masaba Gupta, former partners at Premji Invest Rahul Garg and Atul Gupta also participated in this round.
The company sells products from famous labels such as Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, Seema Gujral, Abhinav Mishra, Shyamal & Bhumika. It acquired Pernia’s Pop-Up Shop in 2018.
Purple Style founder Abhishek (Monty) Agarwal said the company has seen more than 100% annual growth over the past two years, with gross sales of $60 million on a consolidated basis in FY23. This year, its current gross sales volume has reached about $100 million, he added. The company is looking to double this over the next two to three years and is also planning an initial public offering (IPO) in 2026.
It is now focused on expanding its omni-channel presence and currently has 15 Pernia’s Pop-Up Studio experience centers around the world that cater to both women and men. Its stores span cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Surat and Mayfair, London. In the coming years, it will expand to New York, San Francisco, Los Angeles, Dubai and Singapore and domestically to Chennai, and tier-II cities like Chandigarh, Indore, Lucknow and Jaipur.
“In the coming years, we hope to expand into key domestic and international locations, launching new verticals in line with our vision of taking Indian fashion and design to the next level,” said Agarwal.
“Pernia’s Pop-Up Shop bridged a significant industry gap, offering an organized retail space for designer clothing, allowing designers to focus on their creative talents. It could climb Pernia’s Pop-Up Shop to become the top destination for discovering new design talent,” added Sanket Parekh.
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.
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Updated: 20 Nov 2023, 13:14 IST
(tagsTo Translate)Purple Style Labs