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Purple Style Labs records revenue of Rs 372 crore in FY23, reduces losses

• ByStartupStory     |    December 14, 2023

Purple Style Labs, an omnichannel luxury fashion platform specializing in designer wear, demonstrated exceptional growth over the last two fiscal years, marking an extraordinary surge from Rs 44 crore in FY21 to Rs 372 crore in FY23. This tremendous expansion was accompanied by a substantial reduction in losses for the Mumbai-based company during the fiscal year ending March 2023.

As per their annual financial statements submitted to the Registrar of Companies, Purple Style Labs experienced a significant 2.1X increase in revenue from operations, reaching Rs 372 crore in FY23 compared to Rs 175 crore in FY22.

Primarily engaged in the sale of designer fashion and lifestyle products, the company attributes its revenue growth to these operations, with an overseas contribution of 40.2% alongside income generated within India.

Breaking down their financials, the procurement of materials for designer wear and fashion products constituted 51% of the total expenses, amounting to Rs 214 crore in FY23, up from Rs 97 crore in FY22, aligning with the company’s scale expansion.

The company’s spending on advertising and marketing also surged by 78.6% in the last fiscal year, reflecting a deliberate effort to bolster brand presence and market outreach.

Overall expenditure saw a remarkable 85.9% increase, rising to Rs 422 crore in FY23 from Rs 227 crore in FY22. This upsurge was attributed to employee benefits, rent, professional fees, courier and shipping charges, and other overheads.

Founded in 2015 by Abhishek Agarwal, Purple Style Labs operates as a platform where individuals can explore and purchase Indian designer wear, marking its place in the omnichannel luxury fashion domain.

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