Purple Style Labs Records Remarkable Growth, Achieves Eight-Fold Revenue Surge in FY23
Introduction:
Purple Style Labs, an omnichannel luxury fashion platform specialising in Indian designer wear, has experienced exceptional growth, marking an eight-fold increase in revenue over the last two fiscal years (FY22-FY23). With a surge from Rs 44 crore in FY21 to Rs 372 crore in FY23, the Mumbai-based company has not only expanded its scale but also significantly narrowed down losses during the fiscal year ending March 2023.
Key Financial Highlights:
Robust Revenue Growth: Purple Style Labs witnessed a 2.1X growth in revenue from operations, reaching Rs 372 crore in FY23, up from Rs 175 crore in FY22.
Overseas Contribution: The company’s overseas operations played a pivotal role, contributing a substantial 40.2% to the total revenue, with the remaining income generated from operations within India.
Cost Dynamics: Material procurement for designer wear and fashion products constituted 51% of total expenses, escalating 2.2X to Rs 214 crore in FY23 from Rs 97 crore in FY22. Additionally, spending on advertising and marketing surged by 78.6% during the last fiscal year.
Comprehensive Expenditure Increase: Overall expenditures, encompassing employee benefit costs, rent, professional fees, courier and shipping charges, and other overheads, saw an 85.9% rise to Rs 422 crore in FY23 from Rs 227 crore in FY22.
Background and Operations:
Founded in 2015 by Abhishek Agarwal, Purple Style Labs stands as an omnichannel luxury fashion platform, providing a space for individuals to explore and purchase Indian designer wear. The sale of designer fashion and lifestyle products remains the primary revenue driver for the organisation.
Conclusion:
Purple Style Labs’ remarkable financial performance underscores its rapid growth trajectory and success in the luxury fashion domain. With a significant overseas presence and a strategic focus on designer wear, the company’s expansion signals a promising future in the competitive fashion market.
