Purple Style Labs acquires online luxury fashion store Pernia’s Pop Up Shop
Purple Style Labs (PSL), a Mumbai-based premium fashion house, has acquired online luxury fashion store Pernia’s Pop Up Shop (PPUS), a multi-brand e-commerce website, which has more than 500 Indian designer wear brands.
Financial terms of the transaction were not disclosed.
Through the acquisition, Purple Style Labs is looking to build a comprehensive omni-channel fashion platform that is focused primarily on addressing the fashion requirements of Indians in India and those living overseas.
Purple Style Labs has opened and grown into nine offline multi-designer stores called Pernia’s Pop-Up Studio and The Stylist across Mumbai, Delhi, Kolkata, and Bangalore.
The premium fashion house claims to have achieved 5x year-over-year growth, owing to like-for-like growth and also strategic brand acquisitions.
Purple Style Labs acquires online luxury fashion store Pernia’s Pop Up Shop. Image by Markus Spiske from Pixabay
After completion of the Pernia’s Pop Up Shop 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 owned and managed completely by Purple Style Labs.
Additionally, Purple Style Labs has started acquiring equity stakes in some of the leading Indian fashion brands to bring in exclusive products through its omni-channel platform. Recently, the premium fashion house invested in House of Masaba, which is now among the highest selling brands on its platform.
Since its inception in 2015, Purple Style Labs has raised investment of more than $8 million from the family offices of Binny Bansal, Raj Soin, Jitendra Gupta, Rahul Kayan, Navroz Udwadia, and Astarc Ventures among others.
The premium fashion house is looking to open 10 international stores and 20 domestic stores in the next two years. Purple Style Labs anticipates achieving an annual revenue run-rate of over $40 million across all channels such as online, offline and events in the next couple of years.
Abhishek Agarwal – Founder of Purple Style Labs said: “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.”