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Purple Style Labs has taken the space on a five-year lease and will end up paying a total rent of Rs 206 crore during the period; here’s everything you need to know about the domestic luxury fashion brand.
Purple Style Labs unveils the first-ever Pernia’s Pop-Up Studio in Mumbai’s prime location, Juhu.
Ever since Purple Style Labs has leased a 60,000-square-feet retail space that housed fashion giant Zara, the domestic luxury fashion brand has sparked interest about the company. The story, at a monthly rent of Rs 3 crore or a daily rent of 10 lakh, is located in the 118-year-old heritage Ismail building at Flora Fountain, South Mumbai.
Spanish fashion giant Zara has closed down its well-known SoBo store in Mumbai’s Fort area after eight years of operation.
According to property registration documents obtained by Propstack.com, Purple Style Labs has taken the space on a five-year lease and will end up paying a total rent of Rs 206 crore during the period.
What Is Purple Style Labs?
Purple Style Labs (PSL) is a Mumbai-based prominent luxury fashion house, which was established in 2015 by Abhishek Agarwal, an IIT Bombay graduate.
The company specialises in bringing together exceptional Indian designer brands and expanding their reach to global markets. According to its website, PSL sells products of renowned labels such as Falguni Shane Peacock, Tarun Tahiliani, Seema Gujral, Amit Aggarwal, Gaurav Gupta, Shyamal & Bhumika, and Abhinav Mishra.
The company operates both online and offline platforms, creating unique destinations for customers to discover and shop for Indian designer wear.
Its breakthrough came in February 2018, when it acquired Pernia’s Pop-Up Shop, a well-known multi-designer platform that houses over 500 of India’s pre-eminent designer brands. This acquisition has bolstered Purple Style Labs’ presence in the luxury fashion segment, offering a curated selection of designer apparel and accessories.
In July 2018, Purple Style Labs unveiled the first-ever Pernia’s Pop-Up Studio in Mumbai’s prime location, Juhu. During the same year, the company established Pernia’s Pop-Up Studio’s first flagship store in the heart of South Mumbai at Kala Ghoda.
The next year, the company unveiled Pernia’s Pop-Up Studio at Bandra’s Waterfield Road.
In December 2020, Purple Style Labs acquired late fashion designer Wendell Rodricks’ eponymous resort wear label after the death of the Goa-based designer at the age of 59.
Purple Style Labs’ UK Story
In November 2019, in its international expansion, Purple Style Labs opened Pernia’s Pop-Up Studio’s first international store in the Mayfair district, London, UK.
Purple Style Labs’ Delhi Entry
In November 2021, the company acquired the first store space for Pernia’s Pop-Up Studio in Delhi’s Mehrauli, right opposite Qutub Minar.
In November 2022, PSL launched Pernia’s Pop-Up Studio’s biggest experience centre at Delhi’s historic Indian Handicrafts Emporium.
Luxury Home Decor Foray
In August 2023, Purple Style Labs entered the luxury home decor segment with the opening of Pernia’s Pop-Up Studio. Home’s first-ever store in Ahmedabad.
Purple Style Labs’ Funding Rounds & Financials
Purple Style Labs raised $3 million in a Pre-Series A funding from Flipkart’s Binny Bansal, PayU India’s Jitendra Gupta and Astarc Ventures
In June 2019, Purple Style Labs raised $8 million in Series A funding from Rahul Garg, Girish Kulkarni, Neelesh Bhatnagar, Mukesh Sawlani, Sumit Jalan and others.
Purple Style Labs in June 2022 raised $10 million in Series B funding from actor Madhuri Dixit Nene, Mukul Agarwal, Atul Gupta, Akash Bhansali and others.
In April 2023, Purple Style Labs raised $14 million in Series C funding round led by ValueQuest, ScaleFund, Singularity Growth Opportunities Fund I, Valpro, Masaba Gupta, among others.
In October 2023, Purple Style Labs raised $8 million in Series D funding round led by Sanket Parekh of the Pidilite family office and saw participation from Signet (Harish Shah’s family office), Hira Group’s family office, and others.
In total, PSL has also attracted considerable investment, raising a total of $55.2 million over 13 funding rounds.
Financially, PSL has demonstrated significant growth. In the fiscal year 2022-2023, the company reported revenues of ₹372 crore, marking a substantial increase from ₹175 crore in the previous year.
According to tracxn.com, the company posed a net loss of $5.52 million in the financial year 2023-24.
Zara Leaves South Mumbai
Spanish retail brand Zara closed its flagship store in South Mumbai’s Fort area after nine years. The 51,300 sq ft store was located in the Edwardian neoclassical Ismail Building at Flora Fountain.
The same store has been taken by Purple Style Labs on a 5-year lease at a rent of Rs 10 lakh per day.
