D2C designer wear retailer Pernia’s Pop-Up Shop, eyeing to secure INR 250 crore before its planned IPO and has hired IIFL and Axis Capital to help with the fundraising. The IPO is expected in the next 12-15 months.
Pernia’s Pop-Up values at INR 3,000 cr in last funding round
The company will use the funds to pay off debts and expand its network. Earlier, Purple Style Labs, the parent company of the retailer, had investors like Binny Bansal, Madhuri Dixit-Nene, and Enam’s Akash Bhanshali. It was valued at nearly INR3,000 crore during its last funding round a year ago.
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While talking to ET Retail, Purple Style Labs founder Abhishek Agarwal said, “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.”
Pernia’s Pop-Up marks 37% surge in earning
Notably, the brand offers products from over a dozen bridal and occasion wear designers, including Tarun Tahiliani, Falguni Shane Peacock, and Amit Aggarwal. The shop earned INR 508 crore in 2023-24, marking a 37% increase from the previous year.
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Meanwhile, in India, the wedding and occasion wear market was traditionally served by local shops making custom clothes. Over the past decade, brands like Manyavar, Mohanlal, Tasva, and Ethnix by Raymond have provided consistent delivery and quality in celebration wear, though at lower prices than designer labels.
