Binny Bansal-backed Purple Style Labs acquires ecommerce website Pernia’s Pop Up Shop
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 Purple Style Labs.
Purple Style Labs (PSL) a Mumbai-based premium fashion house, has acquired Pernia’s Pop-Up Shop (PPUS), a multi-brand ecommerce website which houses over 500 of India’s pre-eminent designer brands, for an undisclosed sum.
Through this acquisition, PSL aims at building a comprehensive omnichannel fashion platform that is predominantly focused on meeting the fashion needs of Indians across the world.
Abhishek Agarwal, Founder, Purple Style Labs said,
“The Indian fashion industry is now being recognised 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 an assortment which enables discovery of high-quality products, channelise demand creatively and permanently solve the critical pain-points associated with the industry."
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.
Over the last one year, PSL has also expanded into nine offline multi-designer stores called 'Pernia's Pop-Up Studio' and 'The Stylist' in Mumbai, Delhi, Bengaluru 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, it said in a statement.
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.
“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,” Abhishek added.
Founded in 2015 by Abhishek Agarwal, Purple Style Labs has raised over $8 million investment since inception 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 over $40 million across all channels including online, offline and events in the same period.
(Edited by Saheli Sen Gupta)