Purple Style Labs: How Pernia’s Pop-Up Shop Built a Luxury Fashion Business

Purple Style Labs is the company behind Pernia's Pop-Up Shop, a name most people associate with designer lehengas, sherwanis, and luxury Indian fashion. The company was founded in August 2015 by Abhishek Agarwal, and within just 10 years since its inception, the business has grown significantly, carrying over 1,300 designer brands and more than two lakh products, serving customers in more than 140 countries.

That scale is why Purple Style Labs' upcoming IPO has drawn so much attention. According to reports, the company is preparing to launch a ₹660 crore public offering by the end of August 2026, and the investor base includes some well-known names along with some leading institutional funds and family offices.

So, what exactly does Purple Style Labs do? How did Pernia’s Pop-Up Shop become its flagship business? Who owns the company? What brands does it operate? And what do investors need to know about the proposed IPO? In this blog, we'll explore everything about it. 

Purple Style Labs - An Overview 

Here is a brief overview of the company Purple Style Labs: 

What is Purple Style Labs? 

Purple Style Labs (PSL) was incorporated in 2015 by Abhishek Agarwal. The idea came from a simple observation and a willingness to help talented Indian designers who had high brand value with customers but struggled to turn that into a scalable, commercially operational business. Agarwal (the Purple Style Lab owner ) saw an opportunity to combine his finance background with a personal interest in luxury fashion to fix that gap.

In 2018, PSL acquired and scaled Pernia's Pop-Up Shop (PPUS). It was a multi-designer platform originally founded by Pernia Qureshi. The key product categories offered by PSL are designer womenswear, designer menswear, bridal fashion, occasion wear, festive fashion, ethnic wear, resort wear, jewellery, accessories, kidswear, and home and lifestyle products. As of the date of DRHP filing, the company has 3 subsidiaries, which are as follows:

• Purple Style Labs USA, Inc., incorporated on April 16, 2026
• Purple Style Labs UK Limited, incorporated on April 18, 2019
• PSL Retail Private Limited, incorporated on August 29, 2019

Business Model 

The business model of the company is as follows:

• Multi-designer retailing: Operates PPUS to sell clothes and accessories from top Indian designers, both as a retailer and a marketplace. 
• Online + Offline Stores: Pairs a strong global e-commerce presence with high-end physical stores in key metro cities, as well as international locations like London and Dubai. 
• Supporting Designer Brands: Beyond retail, the company invests in and grows independent designer brands, supporting labels that have strong creative vision but need help building out the business. 

Purple Style Labs Journey: From Startup to Luxury Fashion Platform 

The company’s growth has been driven by acquisitions, funding, expansion, and strengthening its international reach.

2015: PSL got incorporated 

PSL was incorporated in 2015 with the vision of building a platform around Indian fashion and designer brands.

2018: Acquired Pernia’s Pop-Up Shop (PPUS) 

PSL acquired PPUS in February 2018, and this gave the company a competitive edge to access a well- established designer-fashion marketplace and helped strengthen its move into the segment of luxury fashion brands in India. 

2019: International expansion

The company opened its first international Pernia’s Pop-Up Studio in November 2019 in London's Mayfair, which is one of London's established luxury shopping districts. It positioned Indian designer fashion as a genuine luxury category for an international audience.

2020: Wendell Rodricks acquisition

PSL acquired the label of late designer Wendell Rodricks in 2020. The acquisition gave PSL control of an established Indian designer brand with a strong legacy in resort wear and minimalist fashion.

2021: Hemant Trevedi brand rights and label launch

In 2021, Purple Style Labs (PSL) secured the rights to the Hemant Trevedi brand and brought the veteran designer on board as creative head. Together they launched his label under the PSL umbrella, and this added another established Indian designer name with a strong legacy to PSL’s in-house portfolio.

2024: Crossed the ₹5,000 million revenue mark 

It crossed the ₹500 crore (₹5,000 million) revenue mark in 2024, which reflected the extent of how much the business scaled in the years following Pernia's acquisition. 

2025: DRHP filed with SEBI 

In September 2025, the company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a fresh issue of equity shares aggregating up to ₹660 crore. The company received SEBI’s observations (approval to proceed) in January 2026.

Purple Style Labs Ltd. IPO 2026: Key Details

According to publicly available reports, PSL is preparing to make its stock market debut with an IPO expected to launch by the end of August 2026. Here are the key details about the IPO:

Note: The details given above are sourced from publicly available sources and are subject to change as per regulatory updates. Other key details like Price band, Issue opening, closing, and listing dates, and lot size are yet to be announced. 

How will Purple Style Lab use the IPO Proceeds? 

The company is raising ₹6,600 million (₹660 crore) through a fresh issue of equity shares. After deducting issue-related expenses, the Net Proceeds will be used for the following purposes:

Notable Investors in Purple Style Labs

Over the years, Purple Style Labs funding includes multiple rights issues, preferential allotments and conversions of compulsorily convertible preference shares. As disclosed in the company’s Draft Red Herring Prospectus, the key investors associated with the company include:

• Madhuri Dixit Nene
• Gauri Khan Family Trust
• Volrado Venture Partners
• Sachin Tendulkar
• Singularity Growth Opportunities Fund
• Alchemy Long Term Ventures Fund
• Salman Khan
• Bajaj Holdings & Investment Limited
• SageOne
• Minerva Ventures

Their participation has brought additional visibility to the company. However, investors should remember that these key investors' involvement alone does not determine the financial attractiveness of an IPO. The company’s revenue, margins, cash flows, valuation, debt levels, and future growth prospects remain more important factors.

Purple Style Labs Limited’s Key Financials 

According to the restated consolidated financial information disclosed in the DRHP, the Purple Style Labs financials are as follows:

PSLs Shareholding Structure 

Here is a brief overview of the shareholding structure of the company as per the DRHP filed with SEBI:

PSLs Key Business Strengths 

The key business strengths of the PSL are:

• Multi-brand omni-channel luxury platform: It is one of India’s largest and fastest-growing multi-brand luxury omni-channel fashion platforms serving customers in India and abroad. It has 211,727 SKUs representing products from 1,312 Active Designer Brands available on its platform, as of March 31, 2025. 
• Extensive product range: The platform offers exclusive products across various categories, including womenswear, menswear, and others such as jewelry, accessories, and kidswear, giving its customers access to a diverse selection of quality products, catering to different tastes and preferences 
• Omni-channel business model: Its business model seamlessly integrates online platforms (website + app) with physical Experience Centers, with a focus on operational efficiency.
• Strong International presence: The international presence of the company is strengthened by its Experience Center in London, UK, and New York, USA. 
• Experienced Management Team: The company has an experienced board and management team that always comes up with new ideas to contribute to its progress and operational stability. 

Competitor Comparison: Purple Style Labs vs Closest Peers

Purple Style Labs has two closest peers in the Indian luxury multi-designer space: Aza Fashions and Ogaan. Here is a brief comparison between PSL and its competitors. 

Note: The above data is compiled from publicly available sources, and the figures presented are approximate and may vary slightly across sources.

Interested in upcoming Mainboard IPOs but don't know where to track them? Check the Mainboard IPO Calendar for IPO dates, GMP, subscription, allotment and listing updates.

Challenges Faced by the Company

Like most companies in the luxury fashion and designer wear space, Purple Style Labs Limited operates in a dynamic and competitive environment. Several key challenges faced by the company are: 

• High dependence on womenswear: A large portion of the company’s Gross Market Value comes from the womenswear category, and any major shift in consumer preference or demand in this segment could impact overall performance.
• Reliance on Experience Centers: A significant share of sales comes from physical Experience Centers (especially in Delhi and Mumbai). Any disruptions, rising rental costs, or difficulty in expanding these stores can affect revenue.
• Concentration on wedding and occasion wear: The business is heavily focused on Indian wedding and occasion wear, which is subject to changing fashion trends and consumer tastes.
• Dependence on top Designer Brands: A meaningful portion of GMV comes from a limited number of top designer brands. Losing key designer relationships or quality issues from their side could affect the platform.
• International operations: A notable portion of GMV comes from overseas markets, which brings currency fluctuation and regulatory risks.
• Competitive industry: The luxury and occasion-wear market is competitive, with both organised and unorganised players.

These challenges are common in the industry, but they remain important factors for anyone evaluating the company’s long-term prospects.

Conclusion

Purple Style Labs has grown from a startup into a recognised omni-channel luxury fashion platform in India, backed by acquisitions, international expansion, and a growing designer network. The company has attracted both institutional and celebrity investors and is now preparing for its public listing.

While the journey so far shows ambition and scale, investors should carefully evaluate the company’s fundamentals, key metrics, and other relevant factors before making any investment decisions. 

Frequently Asked Questions

Q1. Who owns Purple Style Labs?

PSL is promoted and founded by Abhishek Agarwal, who holds approximately 27% of the company pre-IPO. 

Q2. What is Purple Style Labs' relationship with Pernia's Pop-Up Shop?

Pernia's Pop-Up Shop (PPUS) is the consumer-facing brand owned by Purple Style Labs. PSL acquired PPUS in February 2018 from its founder, Pernia Qureshi, and has since scaled it into one of India's largest luxury fashion platforms.

Q3. When is the Purple Style Labs Initial Public Offering?

The IPO is expected to launch by the end of August 2026, based on the company's updated DRHP. Exact IPO dates have not been announced as of now.

Q4. What is the size of the Purple Style Labs IPO?

The IPO is a ₹660 crore book-built issue, consisting entirely of a fresh issue of shares with no offer-for-sale component.

Q5. Is Purple Style Labs profitable?

Not on a net profit basis, the company reported a net loss of ₹188.55 crore in FY25 (restated consolidated). However, its EBITDA margin has been improving.

Q6. What brands does Purple Style Labs own?

PSL's portfolio includes Pernia's Pop-Up Shop, The Stylist, and the acquired designer labels Wendell Rodricks and Hemant Trivedi, alongside a marketplace of over 1,300 independent designer brands.

Q7.Who are the lead managers and registrar for the Purple Style Labs IPO?

Axis Capital Ltd. and IIFL Capital Services Ltd. are the book-running lead managers, while KFin Technologies Ltd. is the registrar for the issue.

Q8. Can I buy Purple Style Labs shares right now?

No, Purple Style Labs is currently a private company, and its shares are held by the promoter, institutional investors, family offices, and a few celebrity individuals. The stock will only become available for the general public to buy once the IPO opens and the company lists on BSE and NSE. 

Q9. What is Purple Style Labs' valuation?

According to publicly available reports, PSL's last private funding round (March 2025) valued the company at roughly ₹3,662 crore on a post-money basis. 

Q10.Who are the Purple Style Labs investors?

Purple Style Labs' investor base includes institutional funds such as SageOne, Alchemy, Bajaj Holdings & Investment, ValueQuest, and Singularity, along with family offices and individual investors like Madhuri Dixit, Sachin Tendulkar, Salman Khan and his family, and the Gauri Khan Family Trust.

Disclaimer: This information provided in the blog is for informational purposes only. IPO details such as price band, dates, and lot size are yet to be announced, and all other relevant information is sourced from publicly available sources. Please refer to the company's official documents and consult a qualified professional before making any investment decisions.

Author: Diwakar Kumar Singh

Diwakar Kumar Singh is a BFSI specialist and finance writer with over 7 years of hands-on experience in financial research, content creation, and analysis.

A Gold Medalist in MBA (Marketing) from IMT, he combines deep analytical skills with practical insights gained from evaluating companies, IPOs, unlisted shares, financial ratios, and investment opportunities. Diwakar has personally analysed hundreds of financial instruments and market scenarios, which he uses to break down complex topics into clear, actionable advice.

He has authored numerous in-depth finance articles, published multiple books internationally, and contributed to research publications. His work focuses on helping everyday investors and readers make better-informed financial decisions through well-researched, evidence-based explanations that are always grounded in real-world application rather than theory alone.