Luxury fashion company Purple Style Labs (PSL) has raised $8 million (Rs 65 crore) in its series-D funding round led by Sanket Parekh of the Pidilite family office.
The funding round also saw participation from Signet (Harish Shah’s family office), Hira Group’s family office, Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, fashion designer Masaba Gupta, Rahul Garg, Atul Gupta from Premji Invest.
Purple Style plans to utilise the funds to expand its domestic and international presence to double its sales over the next two to three years.
Commenting on the funding, Abhishek Agarwal, founder of Purple Style Labs in a statement said, “In the coming years, we hope to further expand into key domestic and international locations, launching new verticals aligning with our vision of taking Indian fashion and design to the next level.”
Sanket Parekh added, “Pernia‘s Pop-Up Shop has bridged a significant industry gap, offering an organised retail space for designer wear, allowing designers to focus on their creative talents. In the coming decade, PSL can scale Pernia’s Pop-Up Shop to become the foremost destination for discovering new design talent.”
Purple Style Labs, the parent company of Pernia’s Pop-Up Shop currently has stores in major cities like Mumbai, Delhi, Bengaluru, and Mayfair, London.
It plans to extend its footprint to New York, San Francisco, Los Angeles, Dubai, Singapore, as well as domestic expansion into Chennai and tier 2 cities such as Chandigarh, Indore, Lucknow, and Jaipur in the coming years.
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