Binny Bansal -backed up, Purple Style Labs Pvt. Ltd has acquired an online e-commerce fashion website Pernia’s Pop Up Shop for an undisclosed sum of money.
Purple Style Labs is a luxury fashion house comprising of two multi- designer platforms- Pernia’s Pop Up Shop and The Stylist. It is the best destination to find designer Indian wear.
Founded in 2015, Purple Style Labs has grown a business of over $ 8 million with investors including Binny Bansal, Raj Soin, Navroz Udwadia and many more.
According to sources, Purple Style said on Tuesday that the move is in line with its strategy of building a comprehensive Omni-channel fashion platform.
Also, as per sources, Pernia’s Creative Head Pernia Qureshi has stepped down from her position. The company’s intellectual property and businesses will now be completely owned by Purple Style.
In last one year, Purple Style Labs has been able to expand themselves into nine offline multi-designer stores called ‘Pernia’s Pop-Up Studio’ and ‘The Stylist’ in Mumbai, Delhi, Bengaluru and Kolkata.
According to sources, Abhishek Agarwal, Founder, Purple Style Labs said, “we aim to aggregate this fragmented supply, curate an assortment which enables discovery of high-quality products, channelize demand creatively and permanently solve the critical pain-points associated with the industry.”
He further added,” 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.”
PSL also plans to open 10 international and 20 domestic stores in the next 2 years.