The funding had been raised at a valuation of $352 million, said Purple Style
New Delhi: Luxury fashion company Purple Style Labs (PSL) has secured $8 million (about ₹66.6 crore) in its Series-D funding round, led by Sanket Parekh of the Pidilite family office.
The funding had been 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 of renowned 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 over 100% annual growth for the last two years, with gross sales of $60 million on a consolidated basis in FY23. This year, its current gross sales run rate has reached around $100 million, he added. The company is looking to double this over the next two-three years and also plans an initial public offering (IPO) in 2026.
It is focusing now on expanding its omnichannel presence and at present has 15 Pernia’s Pop-Up Studio experience centres around the world which cater both to 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 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 organised 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, it had raised $10 million (about ₹80 crore) from a clutch of investors and later another ₹10 crore from Indian investment company Klub.