Mumbai: Designer wear retailer Pernia’s Pop-Up Shop is raising ₹250 crore in its pre-IPO placement and has mandated IIFL and Axis Capital for the fundraising.
Purple Style Labs-the retailer’s parent company, with Binny Bansal, Madhuri Dixit-Nene and Enam’s Akash Bhanshali among its investors-was valued at nearly ₹3,000 crore during its last round of funding a year ago. It is eyeing an initial public offering (IPO) in the next 12-15 months and plans to use the funds to retire debts and expand its network.
“We plan to expand Pernia‘s Pop-Up Studio retail footprint in Mumbai and Delhi as, despite our current strong presence, there remains untapped potential. So, the equity fund raise would be partly geared towards funding this expansion and the rest shall be used to repay existing debt to make Purple Style Labs debt-free on a consolidated level,” Purple Style Labs founder Abhishek Agarwal told ET.
Pernia’s Pop-Up Shop sells products of more than a dozen bridal and occasion wear labels such as Tarun Tahiliani, Falguni Shane Peacock and Amit Aggarwal. It clocked a revenue of ₹508 crore in 2023-24, a 37% year-on-year growth.
In India, the wedding and occasion wear market has been traditionally serviced by local shops delivering made-to-order clothes, but over the past decade, brands such as Manyavar, Mohanlal, Tasva and Ethnix by Raymond have brought consistency in the celebration wear segment in terms of delivery and execution, albeit at lower price points than designer labels.
