Purple was an original color used to signify royalty. It is also a color which often corresponds to luxury, including but not limited to luxurious fabrics, accessories, etc. Tyrian purple specifically was the established color of royalty, so much so that only royals could wear garments with that color. Tyrian purple referred the dye produced by certain mollusks.
Purple comes in many different shades in nature, and most of it can be replicated in fabric colors too:
Purple is a very powerful color when used correctly, and bombs when it is worn incorrectly. Below is an example of not understanding men's style:
David Guetta doing it right:
Purple tie can also add a subtle and powerful touch to an already impressive suit:
Purple makeup, when applied correctly on women can look amazing, however it is more on the unconventional side, opposite of classically conventional styling.