The crest shape was inspired by a mural in the Capitole de Toulouse, and the white and violet stripes are a nod to the distinctive architecture of Toulouse. The pink is a referance to the nickname of Toulouse, La Ville Rose (the pink city).

https://upload.wikimedia.org/wikipedia/commons/7/71/Toulouse-Capitole-Cour_Henri_IV_%282%29.jpg

https://upload.wikimedia.org/wikipedia/commons/5/5a/Blasons_au_plafond_de_l%27entree_de_la_cour_Henry_IV_du_Capitole.jpg

Please click on the picture to see in full, comments would be cool.