Pernia’s Pop-up Shop to raise Rs 250 crore in pre-IPO funding round
07 November 2024, Mumbai
Designer wear retailer Pernia’s Pop-Up Shop plans to raise Rs 250 crore in its pre-IPO funding round. The retailer plans to launch an IPO in the next 15 months and will use these funds to retire debts and expand its retail network.
The mandate to raise these funds has been granted to IIFL and Axis Global. The funds will be used to expand the retailer’s network in Mumbai and Delhi besides repaying existing debts to make Purple Style Labs debt free on a consolidated basis, says Abhishek Agarwal Founder, Purple Style Labs.
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. In 2023-24, the retailer’s revenues increased by 37 per cent Y-o-Y to Rs 508 crore.
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.
