Purple Style labs (PSL) a Mumbai headquartered premium fashion platform has acquired Pernia’s Pop Up Shop (PPUS), a leading multi-brand e-commerce website which houses over 500 of India’s pre-eminent designer brands. The platform is a market leader in e-commerce for premium Indian designer wear.
Through this acquisition, PSL aims at building a comprehensive Omnichannel fashion platform that is predominantly focused on meeting the fashion needs of Indians in India and across the world.
Over the last one year, PSL has opened and expanded into 9 offline multi-designer stores called ‘Pernia’s Pop-Up Studio’ and ‘The Stylist’ in Mumbai, Delhi, Bangalore and Kolkata. As a result, PSL has been able to achieve 5x year-over-year growth, driven equally by like-for-like growth as well as strategic brand acquisitions.
Post the acquisition, Pernia Qureshi has stepped down as the Creative Head of the platform and all of Pernia’s Pop-Up related IP and business are to be completely owned and managed by PSL.
In addition, PSL has begun acquiring equity stakes in India’s leading fashion brands, driving exclusive product through its Omnichannel platform. It has recently invested in House of Masaba, one of the highest selling brands on its platform.
Purple Style Labs has raised investment over US$8 million since inception (2015) from the family offices of highly respected industry veterans and investors including Binny Bansal, Raj Soin, Navroz Udwadia, Rahul Kayan, Jitendra Gupta and Astarc Ventures.
PSL plans to open 10 international stores and 20 domestic stores in the next 24 months. The company expects to achieve an annual revenue run-rate of US$40 million+ across all channels including online, offline and events in the next 24 months.
Abhishek Agarwal, Founder, Purple Style Labs added, “The Indian fashion industry is now being recognized globally. When we started PSL in 2015, the vision was to create a platform for Indian fashion, which is currently highly fragmented across designers. We aim to aggregate this fragmented supply, curate assortment which enables discovery of high-quality products, channelize demand creatively and permanently solve the critical pain-points associated with the industry. We are also looking to invest in early-stage Indian designer brands as a part of a long-term strategy to significantly augment supply, distribution, inventory and reach.”