Purple Style Labs (PSL) has rapidly emerged as a transformative force in India’s luxury fashion industry. Founded in 2015 by Abhishek Agarwal, popularly known as Monty, PSL has consistently demonstrated a commitment to elevating Indian fashion on both national and international stages. Through strategic acquisitions, innovative retail experiences, and robust financial growth, the company is redefining the contours of luxury fashion in India.
In This Article:
Strategic Acquisitions Fueling Growth
A pivotal moment in PSL’s journey was the acquisition of Pernia’s Pop-Up Shop (PPUS) in 2018. This strategic move transformed PPUS into India’s largest omnichannel luxury fashion platform, scaling it over 70 times in just five years.
The platform now boasts an extensive online presence complemented by 15 Pernia’s Pop-Up Studio experience centers across major cities, including Mumbai, Delhi, Bengaluru, Hyderabad, Kolkata, and Ahmedabad, as well as an international store in Mayfair, London. These centers offer curated collections from renowned designers such as Shyamal & Bhumika, Tarun Tahiliani, Falguni Shane Peacock, Amit Aggarwal, Gaurav Gupta, and Seema Gujral, providing a seamless blend of online and offline luxury shopping experiences.
In 2020, PSL further expanded its portfolio by acquiring the eponymous label of the late designer Wendell Rodricks. This acquisition not only honored Rodricks’ legacy but also enriched PSL’s offerings with his unique design aesthetics, appealing to a diverse clientele. Additionally, PSL has invested in House of Masaba, the luxury label launched by designer Masaba Gupta, further diversifying its brand portfolio and strengthening its position in the fashion industry.
Financial Milestones and Investor Confidence
PSL’s impressive financial trajectory underscores its industry leadership. The company has achieved more than 100% year-on-year growth over the past two years, closing the fiscal year 2022-2023 with consolidated revenues exceeding $45 million and reaching EBITDA breakeven. By March 2023, PSL’s gross sales run rate approached $75 million, with projections aiming for $120 million by March 2024.
This robust growth has attracted significant investments, including a $14 million Series C funding round in April 2023, led by ValueQuest SCALE Fund, Singularity Growth Opportunities Fund I, ValPro, and notable individuals like Masaba Gupta. The continued support from existing investors such as Astarc Ventures, Mukul Agrawal (Param Capital), Neelesh Bhatnagar (NB Ventures), and Yuj Ventures/Sid Yog (Founder, Xander Group) further validates PSL’s strategic direction and market potential.
In November 2023, PSL secured an additional $8 million in Series D financing, elevating its valuation to $352 million. This round was led by Sanket Parekh of the Pidilite family office, with participation from Signet, Hira Group’s family office, Singularity Growth Opportunities Fund I, and Masaba Gupta. These investments are earmarked for expanding PSL’s omnichannel presence, enhancing technological infrastructure, and exploring new verticals aligned with the company’s vision of globalizing Indian fashion.
Expanding Global Footprint
PSL’s ambition extends beyond domestic borders. The company plans to inaugurate additional international stores in fashion capitals such as New York, San Francisco, Los Angeles, Dubai, and Singapore over the next two years. This global expansion aims to introduce Indian luxury fashion to a broader audience, showcasing the rich tapestry of Indian design and craftsmanship on an international platform. Domestically, PSL is set to extend its footprint to cities like Chennai and Surat, making luxury fashion more accessible across India.
Innovative Retail Experiences
A testament to PSL’s commitment to redefining luxury retail is its flagship experience center in Mehrauli, New Delhi. Launched in November 2022, this expansive 50,000-square-foot space offers a curated shopping experience for modern brides-to-be, fashion enthusiasts, and connoisseurs of luxury.
The center features bespoke bridal wear, occasion wear, jewelry, and accessories from India’s most sought-after designers. In response to the growing demand for men’s luxury fashion, PSL introduced Pernia’s Pop-Up Studio Men, offering contemporary, ethnic, and occasion wear from celebrated designers like Rohit Bal, Rahul Mishra, Rohit Gandhi + Rahul Khanna, and Tarun Tahiliani. This dedicated menswear destination has received an enthusiastic response, positioning PSL as a comprehensive luxury retail platform.
Vision for the Future
Founder Abhishek Agarwal envisions PSL as a global luxury fashion house that elevates Indian fashion and design to unprecedented heights. With plans to double sales within the next two to three years and an initial public offering (IPO) slated for 2026, PSL is poised for sustained growth. The company’s strategic focus includes expanding its omnichannel presence, investing in emerging labels, and acquiring established brands to diversify its portfolio. By bridging the gap between traditional craftsmanship and contemporary fashion sensibilities, PSL is not only preserving India’s rich sartorial heritage but also propelling it onto the global stage.
In essence, Purple Style Labs exemplifies the fusion of innovation, strategic foresight, and a deep-rooted passion for fashion. As it continues to expand its horizons, PSL is set to redefine luxury fashion, making Indian design a formidable force in the global fashion arena.
By – Jyothi
