Purple Style Labs IPO

About Purple Style Labs IPO

The Purple Style Labs Limited IPO, a mainboard IPO, opens on Monday, August 31, 2026 and closes on Wednesday, September 2, 2026. The allotment of shares will take place on Thursday, September 3, 2026. The credit of shares to the demat account will take place on Friday, September 4, 2026. The initiation of refunds will take place on Friday, September 4, 2026. The listing of shares will take place on Monday, September 7, 2026. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of a fresh issue component. The fresh issue will include 1,18,26,086 shares aggregating up to ₹680 crore.

Purple Style Labs Limited IPO's price band is set at ₹546 to ₹575 per share. The lot size for an application is 26. The minimum amount of investment required by a retail investor is ₹14,950 (26 shares) based on the upper price band.

Purple Style Labs Limited operates Pernia's Pop-Up Shop, a multi-brand luxury omni-channel fashion platform sourcing from 1,109 active designer brands as of March 31, 2026. The platform combines 14 Experience Centers with online channels across womenswear, menswear, jewellery, accessories, and kidswear, with a focus on wedding and occasion wear.

Objectives of Purple Style Labs IPO

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

Industry Outlook

India's luxury fashion market is expanding fast. The Indian luxury apparel market is projected to grow at an 11% CAGR, rising from ₹645 billion in FY 2026 to ₹1,096 billion by FY 2031, with the premium segment forming the largest share. Rising household affluence and greater exposure to global fashion trends are widening the pool of aspirational buyers. Wedding and occasion wear anchors this demand.

The Indian wedding and occasion wear market stood at ₹2,000 billion in FY 2026. It had grown at a 12% CAGR between FY 2020 and FY 2026. The 1Lattice Report projects this market to reach ₹3,700 billion by FY 2031 at a 13% CAGR, supported by rising discretionary spending and the cultural weight of celebration attire. Womenswear leads, at roughly 70% to 75% of the market.

Branded players are gaining ground. The branded segment is projected to grow at a 16% CAGR between FY 2026 and FY 2031, lifting its share of the wedding and occasion wear market from 31% to 35%. That shift favours organised, multi-designer platforms offering curation, authenticity, and omni-channel reach. The 1Lattice Report names Pernia's Pop-Up Shop among the multi-designer platforms driving this transition.

About Purple Style Labs Limited

Purple Style Labs Limited operates Pernia's Pop-Up Shop, a multi-brand luxury omni-channel fashion platform. As of March 31, 2026, the platform carried 208,490 SKUs sourced from 1,109 active designer brands. Its catalogue spans womenswear, menswear, jewellery, accessories, and kidswear, with a focus on wedding and occasion wear. The Company acquired the Pernia's Pop-Up Shop business, then online-only, in February 2018.

The Company runs 14 Experience Centers worldwide. Twelve are in India, one is in London, and one is in New York. In Fiscal 2026, its online platform drew 19.14 million unique visitors, and it served 66,713 customers across 95,565 orders. International markets contributed 20.29% of Total PPUS GMV in Fiscal 2026, of which the United States alone accounted for 10.65%.

Abhishek Agarwal is the promoter, Whole-Time Director, and Chief Executive Officer. The average tenure of the management team at the Company is about seven years. Total PPUS GMV reached ₹7,215.62 million in Fiscal 2026, up from ₹6,218.01 million in Fiscal 2024.

Strengths of Purple Style Labs

• The company offers 208,490 SKUs sourced from 1,109 active designer brands as of March 31, 2026, spanning womenswear, menswear, jewellery, accessories, and kidswear.
• In Fiscal 2026, the average order value at its India Experience Centers ran about 2.34 times its online channels, reflecting an integrated omni-channel model across 14 stores and online platforms.
• International markets contributed 20.29% of Total PPUS GMV in Fiscal 2026, with the platform serving customers across approximately 100 countries.
• The average order value rose to ₹75,504.88 in Fiscal 2026, a 28.80% CAGR from Fiscal 2024, supported by strong network effects and high customer retention.

Risks of Purple Style Labs

• The company has incurred losses and reported negative retained earnings of ₹710.286 crore as of March 31, 2026, and continued operating cash outflows could constrain its ability to fund operations and expansion.
• Womenswear generated 77.70% of Total PPUS GMV in Fiscal 2026, so a shift in demand or consumer preference in that single category could sharply reduce revenue.
• Every Experience center operates on leased or licensed premises, and a failure to renew these leases on competitive terms could disrupt the company's largest sales channel.

Peer Comparison

There are no other companies in India or globally with a similar or comparable size, scale, and business model that are listed in India or abroad.

Anchor Investor Bidding Date

Friday, August 28, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
KFin Technologies Limited
E-mail: purplestyle.ipo@kfintech.com
Tel: +91 40 6716 2222

Book Running Lead Manager(s):

• Axis Capital Limited
  
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
  

Purple Style Labs Contact Details
CTS No. 1081, Plot no. 110, TPS Village, Service Road, Western Express Highway,
Vile Parle East, Mumbai 400 057, Maharashtra, India
Email: investor.relations@purplestylelabs.com
Tel: +91 22 5033 3600

Purple Style Labs Business Model

The company earns its revenue through the sale of luxury fashion goods and related services across its Pernia's Pop-Up Shop omni-channel platform, which comprises Experience Centers, its website and mobile application, and events and exhibitions. It sources products from 1,109 active designer brands as of March 31, 2026, procuring them through outright purchases, back orders, and consignment arrangements governed by onboarding agreements. Commercial terms set the applicable markdowns, which vary by product category and purchase type, while the company handles delivery to customers. Retail prices stay consistent across all channels, whether a product is bought online or in-store. In Fiscal 2026, the platform's average order value was ₹75,504.88.

Purple Style Labs Growth Trajectory

Purple Style Labs Limited's Total Income for FY26 was ₹567.07 crore, whereas in FY25 and FY24 it was ₹494.00 crore and ₹510.03 crore, respectively.

The Profit After Tax for FY26 was ₹(285.40) crore, whereas in FY25 and FY24 it was ₹(188.38) crore and ₹(47.71) crore, respectively.

Their EBITDA for FY26 was ₹30.37 crore, whereas in FY25 and FY24 it was ₹41.99 crore and ₹31.63 crore, respectively.

Purple Style Labs Market Position

Purple Style Labs Limited operates 14 Experience Centers globally, of which 12 are in India and one each is in London and New York. Its India stores occupy prestigious high-street locations across Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, and Kolkata. In Fiscal 2026, the company served customers in approximately 100 countries and recorded 19.14 million unique online visitors. International sales made up 20.29% of Total PPUS GMV, with the United States contributing 10.65% and the United Kingdom 5.58%.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹567.07 crore, ₹(285.40) crore, and ₹30.37 crore, respectively.

How to apply for Purple Style Labs IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.