21 November 2023, Mumbai
Purple Style Labs, the parent company of the luxury fashion omni-channel platform Pernia’s Pop-Up Shop, is set to expand its omnichannel presence. Presently, it owns 15 Pernia’s Studio experience centers worldwide, serving both men and women in Mumbai, Bengaluru, Hyderabad, Delhi, Kolkata, Ahmedabad, Surat, and Mayfair, London. The company is now eyeing expansion into New York, San Francisco, Los Angeles, Dubai, and Singapore, as well as cities in India such as Chennai, Chandigarh, Indore, Lucknow, and Jaipur.
With gross sales of $100 million, Purple Style Labs aims to double the figure within the next two-three years. Following this growth, the company plans to go public in FY26.
In a recent Series-D funding round, Purple Style Labs secured $8 million (approximately Rs 66.6 crore) in investments. The funding was led by Sanket Parekh of the Pidilite family office and saw participation from investors such as Signet, the family office of Harish Shah, Hira Group’s family office, Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, fashion designer Masaba Gupta, and former partners of Premji Invest, Rahul Garg, and Atul Gupta. The fundraising valued the company at $352 million.
Purple Style Labs is known for showcasing products from renowned labels like Tarun Tahiliani, Amit Aggarwal, Falguni Shane Peacock, Gaurav Gupta, Seema Gujral, Abhinav Mishra, and Shyamal and Bhumika. Having acquired Pernia’s Pop-Up Shop in 2018, the company has experienced over 100 per cent annual growth in the past two years, according to Abhishek Agarwal, the Founder.
