Parent of Pernia’s Pop-Up Shop Receives $10M in Series B Funding from Madhuri Dixit Nene and Others

Bombay : Purple Style Labs (PSL), owner of Pernia’s Pop-Up Shop, an omnichannel luxury fashion company, has raised $10 million in Series B from actor Madhuri Dixit Nene and a group of investors.

The Series B round was led by Akash Bhansali, Director, Enam Holdings and saw the participation of renowned investors like actor, Navroz Udwadia, co-founder of Alpha Wave Global; Yuj Ventures; Sid Yog, founder of the Xander Group; Rahul Garg, partner at Premji Invest; Mukul Agrawal, founder of Param Capital, among others.

Madhuri Dixit Nene said, “India has always had a rich cultural history, and this has constantly seeped into the fashion industry. This thought has been brought to the fore by PSL as they have given new meaning and perspective to the luxury fashion industry in India. Their greatest asset is recognizing Indian designers and giving them an international platform to discover.”

Abhishek (Monty) Agarwal, the founder of PSL, bought the Pernia Pop-Up Shop about four years ago. He said 75% of the company’s online sales come from international markets. The omnichannel platform currently sells around 800 designer brands, including designers such as Tarun Tahiliani, Anita Dongre, Rohit Bal, Ritu Kumar, Gaurav Gupta, Amit Aggarwal, Masaba and Anushree Reddy, among others.

Agarwal said: “While most Indian designers have been able to build strong brand equity with consumers, they have been unable to make it commercially viable and become a big business. Sensing this opportunity in the industry, combined with a personal interest in luxury fashion, led to the creation of Purple Style Labs.Therefore, our thesis since our inception has been to build an Indian luxury fashion house, which takes designers from Indian origin globally”.

PSL has opened 10 Pernia’s Pop-Up Studio experience centers, including three in Delhi and Mumbai. The company also has stores in Bangalore; Hyderabad, Kolkata, Ahmedabad and one in London, UK.

The company had also launched a new vertical for multi-designer menswear and accessories. He owns two stores in Mumbai under the name Pernia’s Pop-Up Studio for Men. Agarwal said the company is in the process of launching its next menswear store in Ahmedabad.

She even acquired fashion brand Wendell Rodricks in December 2020. The brand has three stores in Mumbai.

The company is currently expanding its existing footprint in Mumbai, Delhi and Hyderabad, as well as opening in new cities such as Chennai and Surat. PSL also plans to expand into international markets, with retail stores in New York and Dubai within the next 12-18 months.

According to data from McKinsey’s “FashionScope” research firm, India’s apparel market will reach $59.3 billion this year, making it the sixth largest in the world, comparable to the UK’s ( $65 billion) and Germany ($63.1 billion).

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