Purple Style Labs completes Pernia’s Pop-Up Shop acquisition, invests in House of Masaba
Following Purple Style Labs' (PSL) official acquisition of Pernia’s Pop-Up Shop, the latter's founder, Pernia Qureshi, has now stepped down as Creative Head of the platform.
The tech-driven fashion house acquired the multi-brand Indian fashion retailer last year. Now, Pernia’s Pop-Up Shop’s founder Pernia Qureshi has left her role as Creative Head at the business, effective July 2019. Purple Style Labs, led by founder Abhishek Agarwal, will be the sole owner and manager of all businesses relating to the Pernia’s Pop-Up brand.
“The Indian fashion industry is now being recognised globally,” said Agarwal, according to the brand’s press release. “When we started PSL in 2015, the vision was to create a platform for Indian fashion, which is currently highly fragmented across designers... 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.”
Moreover, Purple Style Labs has invested in Masaba Gupta’s brand House of Masaba, as part of its plan to invest in Indian luxury fashion brands. The brand is one of the highest selling labels on Pernia’s Pop-Up Shop’s e-commerce platform, according to Purple Style Labs.
Purple Style Labs has already led an offline expansion drive for Pernia’s Pop-Up Shop and has opened nine brick-and-mortar locations for Pernia’s Pop-Up Studio and The Stylist stores over the past year. The next step is to open ten international stores and 20 domestic stores in the next two years.
Purple Style Labs has raised over $8 million (Rs 53.2 crore) in funding from the family offices of investors including Binny Bansal, Raj Soin, Navroz Udwadia, Rahul Kayan, Jitendra Gupta, and Astarc Ventures. The business aims to achieve an annual revenue run-rate of over $40 across all of its channels in the next two years.
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