Pernia’s Pop-Up Shop has been bought!
The multi-brand luxury retailer has recently been acquired by Purple Style Labs (PSL), a Mumbai headquartered premium fashion platform.
PSL aims to build an omnichannel format to meet the fashion needs of Indians in India and across the world as Pernia’s is already a market leader in e-commerce for premium Indian designerwear.
Pernia Qureshi has stepped down as the Creative Head of her namesake brand and the business is now entirely in the hands of PSL.
Prior to this, PSL recently invested in House of Masaba, the luxury fashion label launched by fashion designer Masaba Gupta. It also expanded into 9 offline multi-designer stores called ‘Pernia’s Pop-Up Studio’ and ‘The Stylist’ in Mumbai, Delhi, Bangalore and Kolkata.
PSL has raised more than US $ 8 million since its inception in 2015 from investors such as Binny Bansal, Rahul Kayan, Navroz Udwadia, Jitendra Gupta, Raj Soin and Astarc Ventures.
PSL plans to launch 10 international stores and 20 domestic stores in the next 24 months. The company expects to achieve an annual revenue run rate of US $ 40 million across all channels including online, offline and events in next 2 years.
Abhishek Agarwal, Founder, Purple Style Labs added, “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 assortment which enables discovery of high-quality products, channelise demand creatively and permanently solve the critical pain-points associated with the industry. 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.”
