Purple Style Labs, the parent company of Pernia’s Pop-Up Shop and a multi-brand luxury fashion platform, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (Purple Style Labs IPO).
The offering will consist of a fresh issue of equity shares aggregating up to ₹660 crore, each with a face value of ₹10.
Purple Style Labs is among India’s largest multi-brand luxury fashion platforms, ranked by revenue in FY 2024. The company offers more than 211,727 SKUs across womenswear, menswear, fine jewellery, fashion jewellery, kidswear, and accessories.
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PSL collaborates with over 1,312 active designer brands, building a competitive edge by providing unmatched visibility and global reach for designers while offering customers extensive choice and pricing integrity.
Purple Style Labs IPO: Pernia’s Pop-Up Shop and Revenue Growth
Pernia’s Pop-Up Shop, PSL’s flagship platform, grew from ₹45 crore in revenue in FY20 to over ₹508 crore in FY24.
This 83% CAGR makes it one of the fastest-growing players in the luxury and bridge-to-luxury segment, outpacing global brands like Louis Vuitton and Gucci, as well as Indian peers such as Sabyasachi and Aza Fashions.
Omni-Channel Strategy Strengthens Purple Style Labs IPO Story
PSL operates through a unique omni-channel model that integrates a robust digital platform with large-format Experience Centers located in Mumbai, Delhi, Bengaluru, Hyderabad, and London. In FY25, the online platform attracted 18.57 million unique visitors, while the Experience Centers provided premium personalized shopping.
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The top 50,000 customers contributed nearly 95.94% of GMV, underscoring its premium customer-driven business model.
The company has also expanded its flagship Experience Centers to prime locations such as Fort in Mumbai and South Extension in Delhi, with upcoming centers planned for Linking Road in Mumbai and New York, marking a stronger international retail presence.
Financial Performance and Profitability
Purple Style Labs IPO filing also showcases strong financial discipline. Average Order Value rose from ₹39,499 in FY23 to ₹56,106 in FY25. EBITDA margins improved significantly from 0.59% in FY23 to 8.57% in FY25, while sales and marketing expenses declined from 12.88% of revenue in FY23 to 6.77% in FY25.
Customer quality metrics improved as well, with GMV per customer rising from ₹59,023.17 in FY23 to ₹83,269.82 in FY25.
Global Presence Adds Weight to Purple Style Labs IPO
PSL’s international presence spans more than 100 countries through online platforms and its UK Experience Center. The company reported that international sales contributed 28.38% of GMV in FY25, with strong markets in the United States, United Kingdom, Middle East, and Canada.
Listing and Book Running Lead Managers
Equity shares offered through the Purple Style Labs IPO are proposed to be listed on both BSE and NSE. Axis Capital Limited and IIFL Capital Services Limited (formerly IIFL Securities Limited) are the Book Running Lead Managers to the issue.
