Luxury fashion firm Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has successfully secured $8 million in its Series-D funding round. The financing was led by Sanket Parekh from the Pidilite family office, with participation from Signet, Hira Group’s family office, and existing investors like Singularity Growth Opportunities Fund I. This funding places PSL’s valuation at an impressive $352 million. The company, known for offering high-end products from renowned designers, such as Tarun Tahiliani and Falguni Shane Peacock, reported robust growth, achieving over 100% annual growth for the past two years. In FY23, its gross sales reached $60 million, and the current gross sales run rate has already reached around $100 million.
Purple Style Labs plans to double its sales over the next two to three years and is eyeing an initial public offering (IPO) in 2026. The company is focused on expanding its omnichannel presence, with 15 Pernia’s Pop-Up Studio experience centers globally. Future expansion plans include new locations in New York, San Francisco, Los Angeles, Dubai, and Singapore. Domestically, Purple Style Labs aims to establish a presence in Chennai and tier-II cities like Chandigarh, Indore, Lucknow, and Jaipur.
That’s fantastic news! Purple Style Labs is also making waves in the fashion industry. They have recently secured a whopping ₹5 crore in funding and are becoming a major player in the style world. Sending my best wishes to the Purple Style Labs team!~ Dr Shishir Gupta founder & CEO of StartupLanes
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