Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop (PPUS), has announced it has raised $14 million in Series C funding. The company plans to use the capital to expand its global presence and invest in younger labels, while continuing to acquire mature brands as part of its vision.
PSL is a one-stop-shop luxury fashion house for bridal and ceremonial needs that features jewelry and accessories from renowned designers such as Shyamal & Bhumika, Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, Seema Gujral, and many more. Since its inception in 2015, the company has achieved over 100% year-over-year growth for the last two years, with FY 22-23 closing at over $45 million in revenue on a consolidated basis and achieving EBITDA breakeven at the same time.
According to a press release, PSL has already achieved a March 2023 exit gross sales run rate of around $75 million, with projections of a run rate of $120 million in gross sales by March 2024. It is the only Indian company that ranks among the top 100 in the apparel and fashion category.
PSL acquired Pernia’s Pop-Up Shop in 2018 and has scaled it over 70 times in the last five years. It has opened 15 Pernia’s Pop-Up Studio experience centers across prominent cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, and Ahmedabad, as well as an international store in Mayfair, London.
Purple Style Labs to enter 5 new international markets in the next 2 years
Looking to the future, Purple Style Labs plans to open international stores in New York, San Francisco, Los Angeles, Dubai, and Singapore within the next two years. The company is also planning to expand its domestic footprint to Chennai and Surat. In November 2022, it opened an experience center spanning 50,000 square feet in New Delhi. Additionally, the company has launched Pernia’s Pop-Up Studio, Men, which is an extension of PPUS’s business, housing contemporary, ethnic, and occasion wear from names such as Rohit Bal, Rahul Mishra, Rohit Gandhi + Rahul Khanna, Tarun Tahiliani, Amit Aggarwal, Anushree Reddy, Seema Gujral Men, Jatin Malik, and others.
The funding was raised from investors such as ValueQuest SCALE Fund, Singularity Growth Opportunities Fund I, ValPro, Masaba Gupta, and others. The round also saw participation from existing investors such as Astarc Ventures, Mukul Agrawal (Param Capital), Neelesh Bhatnagar (NB Ventures), and Yuj Ventures/Sid Yog (Founder, Xander Group).
Purple Style Labs founder, Abhishek (Monty) Agarwal, said in the press release, “In the coming years, we hope to achieve new heights with more key international locations, broadening our presence, and taking Indian fashion and design to the next level.”