Pernia Parent Purple Style Labs Raises $8 Mn From Family Offices, Existing Investors

Pernia Pop-Up Shop parent Purple Style Labs’ valuation was boosted to $352 Mn after it raised $8 Mn in a fresh round of funding.

The luxury fashion house’s Series D funding exercise was led by Sanket Parekh of Pidilite Family Office, with participation from Signet (Harish Shah Family Office), Hira Group Family Office and a clutch of other investors.

Existing backers, including, Singularity Growth Opportunities Fund I, Neelesh Bhatnagar (NB Ventures), Masaba Gupta, Rahul Garg (former Partner at Premji Invest) and Atul Gupta (former Partner at Premji Invest) among others, also participated in the round. 

“Since the acquisition of Pernia’s Pop-Up Shop in 2018, we have scaled it over 100x in less than six years, transforming it into the country’s largest luxury fashion omnichannel platform. In the coming years, we hope to achieve newer heights with further expansion into key domestic and international locations, launching new verticals aligning with our vision of taking Indian fashion & design to the next level,” said Purple Style Labs founder Abhishek (Monty) Agarwal. 

Founded by Agarwal in 2015, Purple Style Labs retails high-end designer brands under Pernia’s Pop-Up Shop brand, which it acquired in 2018. It also incubates young designer brands and helps them with sales, marketing, and technical support.

Since the acquisition of the Pop-Up Shop, Purple has opened 15 experience centres in Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Surat and an international store in Mayfair, London. In the coming years, Purple aims to open up stores in New York, San Francisco, Los Angeles, Dubai, and Singapore as well. Additionally, it will also focus on domestic expansion  across Chennai, Chandigarh, Indore, Lucknow and Jaipur.

Purple claims to have achieved 100% year-on-year growth for the last two financial years with gross sales of $60 Mn+ on a consolidated basis. Further, it plans to achieve $200 Mn gross sales in the next 2-3 years and eventually aims for a public listing in 2026.

This is the second fundraise for Purple this year, as it secured $14 Mn in April, led by ValueQuest, ScaleFund, Singularity Growth Opportunities Fund I, ValPro, Masaba Gupta, among others. 

According to a study by Statista, the Indian luxury fashion market stands at $1.54 Bn and is expected to grow at 1.27% CAGR by 2028. 

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