Biography of Abhishek Agarwal: Founder & CEO of Purple Style Labs (PSL)

Biography of Abhishek Agarwal: Founder & CEO of Purple Style Labs (PSL)

Biography of Abhishek Agarwal: 

Abhishek Agarwal, often known as Monty, is the dynamic force behind Purple Style Labs (PSL), a luxury fashion company specializing in Indian designer wear. Born and raised in Rourkela, Odisha, Monty pursued his education at the prestigious Indian Institute of Technology (IIT) Bombay, where he earned a B.Tech and M.Tech in Aerospace Engineering. His career took a turn when he left his role as an equity derivatives structurer at Deutsche Bank to follow his passion for fashion.

The Birth of Purple Style Labs

In 2015, Monty founded Purple Style Labs with a modest start-up fund of Rs 3 crore. His vision was to create a leading luxury fashion house in India, drawing on his deep appreciation for fashion. He began by assembling a talented team to help realize his goal of establishing PSL as a major player in the luxury fashion sector.

Rapid Growth and Series-D Funding

The company quickly gained traction, and by December 2023, PSL had achieved remarkable growth, securing $8 million in Series-D funding led by Sanket Parekh from the Pidilite family office. This funding marked a significant milestone in PSL's journey, highlighting its rapid expansion and growing influence in the fashion industry.

The Platforms of PSL

PSL operates several key platforms. Pernia's Pop-Up Shop, its flagship platform, is India’s largest luxury fashion omnichannel platform, bringing together over 600 fashion designers. Additionally, The Stylist, another platform under PSL, enhances its portfolio, offering a range of designer wear to its customers.

Strategic Acquisitions

Over the years, PSL has expanded its reach through strategic acquisitions. In 2018, the company acquired Pernia’s Pop-Up Shop, which became a significant asset. Other notable acquisitions include Wendell Rodricks, a renowned resort wear label, and the designer Pernia Qureshi, who was previously the creative head at Pernia's Pop-Up Shop.

The Background of the Founder

Monty Agarwal's background is as impressive as his achievements. Raised in a business family, he developed an early interest in fashion and luxury cars. Despite his formal education in aerospace engineering, his passion for fashion drove him to build PSL. His diverse skills include expertise in Matlab, Microsoft Office, and Java, reflecting his broad capabilities.

The Journey from IIT to Fashion

Monty’s transition from an IIT Bombay student to a luxury fashion entrepreneur is remarkable. At IIT, he held the prestigious position of General Secretary Hostel Affairs, showcasing his leadership skills. His passion for fashion was evident even then, as he was known for wearing distinctive outfits, including a white linen suit, which set him apart from his peers.

 Biography of Abhishek Agarwal: Founder & CEO of Purple Style Labs (PSL)- Entrepreneur/Investor/Fashion Brand/Sucess story of Abhishek Agarwal/Age/Net 

Adapting to Market Trends

The luxury fashion market in India has been thriving, with new multi-designer stores opening regularly. While some ventures struggled due to poor management, PSL thrived by making smart investments and acquiring successful brands. This approach allowed PSL to navigate challenges, including those posed by the pandemic, and continue growing.

Omnichannel Approach

PSL’s success is partly due to its omnichannel approach. Monty emphasizes that combining online and offline retail provides a comprehensive customer experience. The online platform offers global exposure, while offline stores cater to high-value sales, allowing customers to experience the products in person.

Plans for Future Expansion

Monty has ambitious plans for PSL. He envisions PSL becoming India’s largest multi-designer retailer with sales exceeding ₹1,000 crore and housing over 10 designer brands within the next five years. The acquisition of Wendell Rodricks is a step toward achieving this goal, with plans to expand and scale the brand rapidly.

Innovative Strategies

Monty’s strategy involves leveraging both Pernia's Pop-Up Shop and The Stylist to cater to different market segments. While Pernia's Pop-Up Shop serves high-end luxury customers, The Stylist aims to offer designer wear at more accessible price points. This dual approach ensures that PSL addresses diverse customer needs effectively.

Global Presence and Growth

As of now, PSL operates 16 Pernia’s Pop-Up Studio stores and three Wendell Rodricks stores. A significant portion of its online sales comes from international markets, driven by its presence in London. With plans for more global stores, Monty expects the percentage of international sales to decrease as PSL expands its physical footprint.

Challenges and Resilience

Despite facing challenges, including the impact of the pandemic, PSL has demonstrated resilience. Monty’s belief in the omnichannel model and his capital-efficient approach have helped PSL outperform competitors like Kimaya, which has since closed down. PSL’s broader vision and adaptability position it well for long-term success.

Personal Interests and Achievements

Outside of work, Monty is known for his passion for luxury cars. He waited seven years to buy his dream car, the Mercedes-Maybach S-Class S 680, showcasing his dedication to personal goals. His car collection, which includes the Maserati Levante and future aspirations for other luxury vehicles, reflects his love for combining performance with luxury.

Future Aspirations

Monty’s ambitions extend beyond PSL. He aims to build PSL into India’s equivalent of global fashion giants like LVMH. By continuously acquiring established brands and expanding PSL’s reach, he envisions making PSL a major force in the global fashion industry.

A Vision for Growth

With a turnover of approximately ₹50 crore a month and expectations to reach ₹750 crore in sales by 2023, PSL is on a robust growth trajectory. Monty’s strategic investments and acquisitions are paving the way for the company’s future success and solidifying its position as a leading luxury fashion retailer in India.

Timeline of Purple Style Labs (PSL) and Monty Agarwal:

2015: Monty Agarwal founded Purple Style Labs with Rs 3 crore start-up fund.

2018: Acquired Pernia’s Pop-Up Shop.

2023: PSL secured $8 million in Series-D funding led by Sanket Parekh.

December 2023: PSL’s turnover reached approximately ₹50 crore per month.

2024: PSL operates 16 Pernia’s Pop-Up Studio stores and three Wendell Rodricks stores, with global expansion plans underway.

 Biography of Abhishek Agarwal: Founder & CEO of Purple Style Labs (PSL)- Entrepreneur/Investor/Fashion Brand/Sucess story of Abhishek Agarwal/Age/Net