Purple Style Labs (PSL), a luxury fashion company, has successfully secured $8 million in its Series-D funding round, led by Sanket Parekh of the Pidilite family office.
The funding, raised at a valuation of $352 million, signifies the confidence in Purple Style, the parent company of Pernia’s Pop-Up Shop. This luxury fashion omnichannel platform offers products from renowned labels like Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, and more.
The funding round also witnessed participation from Signet (Harish Shah’s family office), Hira Group’s family office, and other investors, including existing supporters like Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, fashion designer Masaba Gupta, and former partners at Premji Invest Rahul Garg and Atul Gupta. The acquisition of Pernia’s Pop-Up Shop in 2018 has strengthened Purple Style’s position in the luxury fashion market.
Purple Style, founded by Abhishek (Monty) Agarwal, has experienced remarkable growth, surpassing 100% annually for the last two years. The consolidated gross sales for FY23 reached $60 million, and the current gross sales run rate for this year has already hit around $100 million.
The company aims to double this figure in the next two to three years and plans to go public with an initial public offering (IPO) in 2026.
The company’s focus is on expanding its omnichannel presence, currently operating 15 Pernia’s Pop-Up Studio experience centers worldwide, catering to both men and women. These centers are situated in cities like Mumbai, Delhi, Bengaluru, and others. Future expansion plans include global cities such as New York, San Francisco, Los Angeles, Dubai, and Singapore, along with domestic expansion to Chennai and tier-II cities like Chandigarh, Indore, Lucknow, and Jaipur.
“In the coming years, we hope to further expand into key domestic and international locations, launching new verticals aligning with our vision of taking Indian fashion and design to the next level,” Agarwal said.
“Pernia’s Pop-Up Shop has bridged a significant industry gap, offering an 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,” Sanket Parekh added.
In mid-2022, Purple Style Labs had previously raised $10 million from various investors and an additional ₹10 crore from Indian investment company Klub, showcasing sustained investor confidence in its growth and potential.