Thu Sep 29 2022
1 min read
Purple Style Labs, the corporate that runs Pernia’s Pop-Up Shop and Wendell Rodricks, has obtained a recent spherical of funding of ₹10 crore from financing platform Klub.
The firm, which raised $10 million earlier this yr, stated it might use this recent funding to increase its footprint geographically.
Klub has a fund and likewise provides firms entry to capital by means of NBFCs, HNIs, and different monetary establishments and is backed by Sequoia Capital’s Surge, US-based Alter Global and others.
In June, the corporate’s Series-B spherical was led by Akash Bhansali, director, Enam Holdings and noticed participation from buyers comparable to Madhuri Dixit; Navroz Udwadia, co-founder of Alpha Wave Global; Yuj Ventures; Sid Yog, founding father of the Xander Group; Rahul Garg, accomplice at Premji Invest; Mukul Agrawal, founding father of Param Capital, amongst others.
It acquired Pernia’s Pop-Up Shop in 2018 and has 10 shops and a web based presence. It stated it retails about 1000 designers like Tarun Tahiliani, Anita Dongre, Rohit Bal, Ritu Kumar, Shyamal and Bhumika, Falguni Shane Peacock, Amit Aggarwal, House of Masaba and many others.
“We are very focussed main the market by combining scale with our curation (of manufacturers). Our elevate from Klub will gas our development within the Indian luxurious retail area,” said Abhishek (Monty) Agarwal, founder.
The company will also expand into international markets with retail stores in New York and Dubai in the next 12-18 months.
Anurakt Jain, co-founder and CEO of Klub said, “As the festive and wedding season in India is here, the demand for luxury Indian and western wear is also going to see a considerable spike. The fashion industry is slated to see exponential growth this year and we are excited to work with them during this phase.”
According to knowledge from analysis agency McKinsey’s ‘FashionScope’, India’s attire market can be value $59.3 billion this yr, making it the sixth largest on this planet, akin to the United Kingdom’s ($65 billion) and Germany’s ($63.1 billion).
Read the full coverage on Mint.