Luxury fashion house Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, has raised $14 million in a Series C funding round to expand its business globally. The funding round was led by ValueQuest, ScaleFund, Singularity Growth Opportunities Fund I, ValPro, and Masaba Gupta, among others. The company plans to use the funds to expand its presence in key international locations such as New York, San Francisco, Los Angeles, Dubai, and Singapore, in addition to the existing 15 experience centres across cities like Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, and Ahmedabad, and its international store in Mayfair, London.
Purple Style Labs acquired Pernia’s Pop-Up Shop in 2018, and has since then helped incubate young designer brands and scale up Pernia’s Pop-Up Shop over 70 times in the last five years. The company claims to have achieved EBITDA breakeven in FY23 and seen over 100% YoY growth in the last two years. According to Statista, the Indian luxury fashion market is expected to grow at a CAGR of 1.32% during 2023-2028, reaching a size of $1.64 Bn in 2028 from $1.53 Bn in 2023. The funding winter has severely affected the Indian startup ecosystem, with funding raised by Indian startups declining 75% YoY to $3 Bn in the first quarter of 2023. However, Purple Style Labs has managed to raise $14 Mn in its Series C funding round, which is a positive development for the startup and the luxury fashion industry in India.