Bollywood superstar Salman Khan and cricket legend Sachin Tendulkar have joined forces to invest in Purple Style Labs, marking a significant development in India’s luxury fashion market.
Bollywood actor Salman Khan and cricket icon Sachin Tendulkar have recently invested in Purple Style Labs, a development that marks a notable moment in the luxury fashion market. This investment round aims to raise Rs 102 crore (approximately $12 million) from over eighty investors, as reported by Business Outreach Magazine based on information from Entrackr.
The parent company of the well-known Pernia’s Pop-Up Shop, Purple Style Labs, has taken steps to issue 2,040 equity shares at an issue price of Rs 5,00,000 each. The funds raised from this initiative are intended for general corporate purposes and to strengthen the company’s working capital.
In addition to Khan and Tendulkar’s involvement, several prominent investors are contributing to the funding round. Notable participants include Minerva Ventures Fund, Cordelia Family Trust, S Four Capital, and Sopariwala Exports, who have committed Rs 10 crore, Rs 5 crore, Rs 6 crore, and Rs 5 crore, respectively. The celebrity status of Khan and Tendulkar not only enhances Purple Style Labs’ credibility but also elevates its visibility in the competitive luxury fashion market, helping the brand appeal to a broader audience.
Founded in 2015 by Abhishek Agarwal and backed by its acquisition of Pernia’s Pop-Up Shop in 2018, Purple Style Labs has experienced substantial growth. The company currently operates 15 experience centers in major cities across India and in London. Recent financial records indicate that the company’s revenue has increased from Rs 372 crore in FY22 to Rs 508 crore in FY23, reflecting a year-on-year growth rate of 36 percent. However, the company reported a 20% increase in losses, amounting to Rs 45.6 crore, suggesting ongoing challenges despite its robust growth trajectory.
Looking ahead, Purple Style Labs is planning for an initial public offering (IPO) in 2026, with aspirations to achieve $200 million in gross sales within the next year. The foundation of the company’s future success is attributed to its strategic plans and the support of high-profile investors like Khan and Tendulkar.
The entry of these two celebrities into the funding round signifies growing interest and investment in the luxury fashion sector in India. Purple Style Labs has established a strong growth trajectory and is poised for further expansion, armed with a clear vision for the future.
Source: Noah Wire Services
