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

Purple Style Labs (PSL), a luxury fashion firm, has secured $8 million in its Series-D funding round, led by Sanket Parekh from the Pidilite family office. This funding round has propelled Purple Style to a valuation of $352 million, representing a significant achievement for the company behind Pernia’s Pop-Up Shop, a renowned luxury fashion omnichannel platform. Besides Sanket Parekh, other investors involved in the funding round include Signet (Harish Shah’s family office), the Hira Group’s family office, and various contributors such as Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, renowned fashion designer Masaba Gupta, and former Premji Invest partners Rahul Garg and Atul Gupta.

Purple Style Labs, renowned for featuring esteemed labels like Tarun Tahiliani, Falguni Shane Peacock, and Gaurav Gupta, has shown remarkable growth. Founder Abhishek (Monty) Agarwal disclosed a consistent annual growth rate surpassing 100% over the last two years, resulting in a combined gross sales figure of $60 million in FY23. Presently, the company's ongoing gross sales run rate has escalated to roughly $100 million this fiscal year.

With ambitious aspirations, Purple Style aims to double its sales within the next two to three years and intends to go public with an initial public offering (IPO) in 2026. Focusing on expanding its omnichannel presence, the company is set to grow its 15 Pernia’s Pop-Up Studio experience centers worldwide, catering to both men and women. Currently, Purple Style's stores strategically operate in major cities such as Mumbai, Delhi, Bengaluru, and Mayfair, London. Looking forward, the company plans to extend its reach to New York, San Francisco, Los Angeles, Dubai, Singapore, as well as expand domestically into Chennai and tier-II cities like Chandigarh, Indore, Lucknow, and Jaipur.

Expressing confidence in the company's future trajectory, Abhishek Agarwal remarked, “In the upcoming years, our goal is to further expand into crucial domestic and international markets, introducing new verticals in line with our vision to elevate Indian fashion and design”. Sanket Parekh commended Pernia’s Pop-Up Shop for bridging industry gaps and providing a structured retail space for designer wear, envisioning its rise as the primary destination for discovering emerging design talent.