Purple Style Labs (PSL), a prominent player in the luxury fashion industry, has announced a significant milestone in its growth trajectory, securing $8 million (approximately ₹66.6 crore) in a Series-D funding round. The round, led by Sanket Parekh of the Pidilite family office, has placed the company’s valuation at an impressive $352 million.
PSL, the parent company of Pernia’s Pop-Up Shop, a high-end fashion omnichannel platform, has seen contributions from various investors in this round. Notably, Signet (Harish Shah’s family office), Hira Group’s family office, and several other investors have participated. The round also saw involvement from existing investors, including Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, renowned fashion designer Masaba Gupta, and former partners at Premji Invest, Rahul Garg and Atul Gupta.
The company, which retails products from esteemed labels such as Tarun Tahiliani, Falguni Shane Peacock, and Amit Aggarwal, acquired Pernia’s Pop-Up Shop in 2018. Under its umbrella, PSL has witnessed substantial growth, with founder Abhishek (Monty) Agarwal reporting over 100% annual growth for the past two years. The company achieved gross sales of $60 million in FY23, with the current gross sales run rate approaching $100 million. With this momentum, PSL aims to double its figures in the next two to three years and is preparing for an initial public offering (IPO) in 2026.
PSL’s expansion strategy focuses on amplifying its omnichannel presence. Currently, it operates 15 Pernia’s Pop-Up Studio experience centers worldwide, serving both women and men. These centers are located in major cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Surat, and Mayfair in London. Future plans include expanding to New York, San Francisco, Los Angeles, Dubai, Singapore, and domestically to Chennai, as well as tier-II cities like Chandigarh, Indore, Lucknow, and Jaipur.
Agarwal expressed the company’s ambition to further penetrate key domestic and international markets, introducing new verticals that align with their vision of elevating Indian fashion and design to global standards. Sanket Parekh lauded Pernia’s Pop-Up Shop for bridging a significant gap in the industry by offering an organized retail space for designer wear, thereby enabling designers to concentrate on their creative talents.
Earlier in mid-2022, PSL had raised $10 million from a consortium of investors, followed by an additional ₹10 crore from Klub, an Indian investment company, marking a consistent pattern of growth and investor confidence in the luxury fashion sector.
