Funding Alert

Purple Style Labs Secures $8 Million in Series-D Funding

• ByStartupStory     |    November 20, 2023

Luxury fashion company Purple Style Labs (PSL) has successfully raised $8 million in its Series-D funding round, with Sanket Parekh of the Pidilite family office leading the investment. The funding places Purple Style at a valuation of $352 million, marking a significant milestone for the parent company of Pernia’s Pop-Up Shop, a distinguished luxury fashion omnichannel platform.

In addition to Sanket Parekh, the funding round witnessed participation from Signet (Harish Shah’s family office), Hira Group’s family office, and other investors. Noteworthy contributors included 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.

Purple Style Labs, known for curating products from renowned labels such as Tarun Tahiliani, Falguni Shane Peacock, and Gaurav Gupta, reported remarkable growth. Founder Abhishek (Monty) Agarwal revealed a consistent annual growth rate exceeding 100% for the past two years, culminating in a consolidated gross sales figure of $60 million in FY23. The company’s current gross sales run rate has surged to approximately $100 million this year.

With ambitious plans for the future, Purple Style aims to double its sales over the next two to three years and has set sights on an initial public offering (IPO) in 2026. The company’s focus now revolves around expanding its omnichannel presence, boasting 15 Pernia’s Pop-Up Studio experience centers globally, serving both men and women.

Presently, Purple Style’s stores are strategically located in major cities like Mumbai, Delhi, Bengaluru, and Mayfair, London. Looking ahead, the company plans to extend its footprint to New York, San Francisco, Los Angeles, Dubai, Singapore, as well as domestic expansion into Chennai and tier-II cities such as Chandigarh, Indore, Lucknow, and Jaipur.

Abhishek Agarwal expressed optimism about the company’s future trajectory, stating, “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.” Sanket Parekh lauded Pernia’s Pop-Up Shop for bridging industry gaps and providing an organized retail space for designer wear, envisioning its ascent as the foremost destination for discovering new design talent.

 

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