The company said that the move is in line with its strategy of building a comprehensive omni-channel fashion platform.
Pernia Qureshi, creative head of Pernia, after the acquisition, will step down from her position.
While, Purple Style Labs further said that The company’s intellectual property and businesses will now be completely owned by Purple Style.
Purple Style Labs was founded by Abhishek Agarwal in 2015. The platform sell products of more than 500 premium brands in India. It also provides designer brands with sales, marketing and technical support.
Agarwal, founder of Purple Style Labs said that the platform is also looking to invest in early-stage Indian designer brands as part of its strategy of augmenting the supply, distribution and inventory of products.
“The vision [for PSL] was to create a platform for Indian fashion, which is currently highly fragmented across designers,” Agarwal added.
The platform claims it plans to open 10 international and 20 domestic stores in the next 24 months. It aims to achieve annual revenue of $42 million across all its channels in the same period.