Purple Style Labs (PSL), a luxury fashion firm, has made headlines by securing $8 million (about ₹66.6 crore) in its Series-D funding round.
The funding round, which valued the firm at $352 million, was led by Sanket Parekh of the Pidilite family office and saw participation from Signet (Harish Shah’s family office), Hira Group’s family office, and other investors.
The round also saw participation from existing investors like Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, Masaba Gupta (fashion designer), Rahul Garg and Atul Gupta (former partners at Premji Invest).
Purple Style Labs | Luxury Fashion House
Founded by Abhishek Agarwal (Monty), Purple Style Labs is a luxury fashion house bringing together India’s top designers under one platform. The firm claims to have seen over 100% annual growth for the last two years, with gross sales of $60 million on a consolidated basis in FY23.
The brand acquired Pernia’s Pop-Up Shop in 2018 and sells products of renowned labels such as Gaurav Gupta, Seema Gujral, Falguni Shane Peacock, Amit Aggarwal, Tarun Tahiliani, Abhinav Mishra, Shyamal & Bhumika.
As per Abhishek Agarwal, Founder of Purple Style Labs, the brand aims to further expand into key domestic and international locations, launching new verticals aligning with their vision of taking Indian fashion and design to the next level in the coming years.
Since the beginning of this year, till now, the current gross sales run rate of luxury fashion house has reached around $100 million, with aims to double this over the next two to three years, the firm added. The luxury fashion house brand also plans an initial public offering (IPO) in 2026.
Statement from the Investor
Commenting on the development, Sanket Parekh, Pidilite family office, said,
“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.”
The luxury fashion house brand is focusing now on expanding its omnichannel presence. At present, the brand has 15 Pernia’s Pop-Up Studio experience centres around the world, catering both to women and men.
With its stores spanning cities like Bengaluru, Hyderabad, Kolkata, Ahmedabad, Surat, Mumbai, Delhi, and Mayfair, London, Purple Style Labs looks to expand to New York, San Francisco, Los Angeles, Dubai, and Singapore and domestically to Chennai, and tier-II cities like Indore, Lucknow, Chandigarh, and Jaipur.
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