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