Purple Style Labs raises $10 million in Series B funding
Purple Style Labs has raised $10 million as part of a Series B funding round. The owner of Pernia’s Pop-Up Shop aims to use the funds towards its goal of bringing luxury Indian brands to global markets.
The Series B funding round was led by Enam Holdings’ director Akash Bhansali, Livemint reported. Investors including actor Madhuri Dixit Nene, Alpha Wave Global’s co-founder Navroz Udwadia, Yuj Ventures, Premji Invest partner Rahul Garg, and Param Capital founder Mukul Agrawal among others also participated.
“India has always had a rich history in culture, and this has constantly seeped into the fashion industry,” said investor Madhuri Dixit Nene, Livemint reported. “This thought has been brought into the forefront by PSL as they have given a new meaning and outlook to India’s luxury fashion industry. Their biggest asset is recognising Indian designers and giving them an international platform to be discovered.”
Purple Style Labs is currently focusing on opening new multi-brand Pernia’s Pop-Up Shops. Upcoming locations include Mumbai, Delhi and Hyderabad, where it already has a retail presence, as well as new brick-and-mortar markets such as Chennai and Surat. The business also aims to open retail stores in New York and Dubai within the coming 12 to 18 months.
Purple Style Labs is also in the process of expanding its multi-brand menswear category, which is a more recent edition. The business has opened two multi-brand ‘Pernia’s Pop-Up Studio for Men’ stores in Mumbai and plans to continue to open such stores.
Copyright © 2022 FashionNetwork.com All rights reserved.