Purple Style Labs IPO

About Purple Style Labs IPO

Purple Style Labs IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the Demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The IPO of Purple Style Labs comprises a fresh issue aggregating up to ₹660 crores. There is no offer for sale in this IPO, which is a 100% book-built issue. The lot size of shares in the IPO is TBA and the price band of shares is TBA per share.

The minimum investment amount required by a retail investor is TBA based on the upper price. The minimum lot for retail investors is TBA.

Purple Style Labs, also called Pernia’s Pop-Up Shop is one of the largest and fastest growing multi-brand luxury omni-channel fashion platforms in India in terms of revenue in FY 2024, serving customers in India and abroad, according to the 1Lattice Report. Its omni-channel platform includes experience centres, the online platforms of PPUS including website, mobile application, other telephonic and digital sales channels and events and exhibitions, among others.

Objectives of Purple Style Labs IPO

The company proposes to utilise the IPO proceeds for:

• Investment in its wholly owned subsidiary, PSL Retail for expenditure towards lease liabilities of experience centres and back-end offices in India
• Funding towards sales and marketing expenses to be incurred by the company
• General corporate purposes

Industry Outlook

The luxury fashion market in India is characterised by its fragmented nature, with numerous designer brands, franchisee of international brands and distributors operating independently. It has addressed these challenges by successfully aggregating a wide array of designer brands and product categories onto a single, cohesive platform.

India’s luxury market was valued at ₹1350 billion in FY 2025, growing at a CAGR of 14% from ₹699 billion in FY 2020. It is further expected to expand to ₹2314 billion by FY 2030, at a CAGR of 11%. The sector is undergoing a significant transformation, driven by rising income levels and the evolving aspirations of the country’s middle and upper classes.

About Purple Style Labs

Purple Style Labs is one of the largest and fastest growing multi-brand luxury omni-channel fashion platforms in India in terms of revenue in FY 2024, serving customers in India and abroad, according to the 1Lattice Report. Its omni-channel platform includes experience centres, the online platforms of PPUS including website, mobile application, other telephonic and digital sales channels and events and exhibitions, among others.

Strengths of Purple Style Labs

• Multi-brand omni-channel luxury platform in India with a wide portfolio of products and strong designer relationships
• Omni-channel business model with a focus on operational efficiency
• Robust international presence
• Powerful network effects resulting in robust customer retention and high monetisation
• Robust management team and an experienced board

Risks of Purple Style Labs

• Any slowdown, disruption, or shutdown of processing facility could have a material adverse effect on business
• Limitations on the ability to expand and grow experience centres may adversely affect business
• Disruption to website or mobile application, including due to technical issues, cyber-attacks or changes in consumer behaviour could adversely affect business
• Business is highly concentrated on Indian wedding and occasion wear and vulnerable to changes in consumer preferences which could have an adverse effect on operations
• Failure to increase customer base and expand footprint may adversely impact business
• Increase in losses or negative retained earnings over extended periods could have an adverse impact on results of operations
• Failure to renew leases of experience centres on competitive terms may adversely affect business
• The company may face reputational harm if the quality of the products do not meet its customers’ expectations
• Inability to compete effectively may adversely affect business
• Failure to attract new customers, retain existing customers, or maintain or increase sales to customers may adversely affect results of operations

Comparison with Peers

There are no other companies in India or globally with similar or comparable size, scale and business model as Purple Style Labs that are listed in India or outside. Accordingly, it’s unable to provide an industry comparison in relation to the company.

Anchor Investor Bidding Date

TBA

IPO Registrar and Book Running Lead Managers

• IPO Registrar: KFin Technologies
• Book Running Lead Managers: Axis Capital and IIFL Capital Services

Purple Style Labs Business Model

The platform of Purple Style Labs offers an extensive range of products across various categories, including womenswear, menswear, and others such as jewellery, accessories and kids wear. This wide product portfolio ensures that customers have access to a diverse selection of quality products, catering to different tastes and preferences.

Purple Style Labs Growth Trajectory

The revenue of operations of Purple Style Labs grew from ₹369.193 crores in FY 23 to ₹489.909 crores in FY 25. Its EBITDA margin increased from 0.59% in FY 23 to 8.57% in FY 25. An omni-channel business model and robust international presence have helped the company grow over the years.

Purple Style Labs Market Position

Purple Style Labs opened its first flagship experience centre in Juhu, Mumbai in 2018. As on the date of the company’s DRHP, the company has expanded its physical store presence to 14 centres globally, 13 of which are in India and one in London, UK. It’s also in the process of opening two new experience centres on Linking Road, Mumbai and in New York, USA, respectively.

How to Apply for Purple Style Labs IPO?

To apply for this IPO:

• Log in to your Kotak Neo Demat account: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange.
• Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Approve Request: Your funds will be blocked once you approve the mandate request on your UPI.