Purple Style Labs, a prominent omnichannel luxury fashion platform based in Mumbai, clocked in remarkable financial growth, with revenues soaring from Rs 44 crore in FY21 to an impressive Rs 372 crore in FY23. The company also demonstrated a substantial reduction in losses for the fiscal year ending March 2023.
As per annual financial statements submitted to the Registrar of Companies, Purple Style Labs achieved a noteworthy 2.1X growth in operational revenues, reaching Rs 372 crore in FY23 compared to Rs 175 crore in FY22. The company's overseas operations contributed significantly to this success, with a remarkable 40.2 per cent increase in revenues during the same period.
However, this period of growth was accompanied by increased expenditures, rising from Rs 97 crore in FY22 to Rs 214 crore in FY23. Notably, 51per cent of this capital was allocated to the procurement of materials for designer wear and fashion products. Furthermore, expenditure on advertising and marketing witnessed a substantial surge, jumping by 78.6 per cent in the last fiscal year. Overall, the company's expenditures experienced a notable 85.9 per cent increase, reaching Rs 422 crore.
Purple Style Labs attributed this rise in expenditure to various factors, including enhanced employee benefits, an increase in rent, and professional fees. Despite these increased costs, the company's strategic investments in these areas likely contributed to its overall growth and strengthened its position as a major player in the omnichannel luxury fashion domain.
Founded in 2015 by Abhishek Agarwal, Purple Style Labs continues to make significant strides in the competitive world of luxury fashion, emphasizing its commitment to quality, innovation, and a comprehensive omnichannel experience.
