Chandigarh, September 24th, 2025: Purple Style Labs, the parent company of Pernia’s Pop-Up Shop and one of India’s largest multi-brand luxury fashion platforms, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO). The offer comprises of a fresh issue of equity shares aggregating up to ₹660 crore, with a face value of ₹10 each.
Purple Style Labs (“PSL” or the “Company”) is one of the largest and fastest-growing multi-brand luxury fashion platforms in India by revenue in FY 2024. With a portfolio of more than 211,727 SKUs across women’s wear, men’s wear, fine jewellery, fashion jewellery, kids wear and accessories, PSL curates products from over 1,312 active designer brands, anchored by an extensive network of designer relationships that gives the Company a strong competitive edge, offering customers unparalleled choice and designers unmatched visibility, global reach and pricing integrity.
Industry data highlights PSL’s exceptional growth trajectory. Pernia’s Pop-Up Shop scaled revenues from just ₹45 crore in FY20 to over ₹508 crore in FY24, recording one of the fastest growth rates of 83% CAGR among luxury and bridge-to-luxury players, significantly outpacing global names such as Louis Vuitton, Gucci and homegrown peers like Sabyasachi and Aza Fashions. This strong growth has firmly established PSL as a leading force in India’s luxury retail sector.
PSL operates a differentiated omni-channel model that combines a strong digital platform with large-format Experience Centers across key cities such as Mumbai, Delhi, Bengaluru, Hyderabad and London. In Fiscal 2025, its online platform attracted 18.57 million unique visitors, while Experience Centers delivered premium, personalized service. This model is further strengthened by PSL’s focus on premium customer optimization, with its top 50,000 customers contributing nearly 95.94% of GMV, underscoring its ability to blend convenience with exclusivity and drive loyalty and profitability.
As part of its scale-up, PSL has opened two flagship large-format Experience Centers in Fort, Mumbai and South Extension, Delhi with upcoming locations planned at Linking Road, Mumbai and New York, USA, strengthening its global retail footprint.
Over the years, the Company has demonstrated strong financial and operational progress. Its Average Order Value grew from ₹39,499 in FY23 to over ₹56,106 in FY25, while EBITDA margins improved from 0.59% to 8.57% during the same period. Strategic cost discipline has reduced sales and marketing expenses from 12.88% of revenue in FY23 to 6.77% in FY25. Customer quality has also strengthened, with average GMV per customer rising from ₹59,023.17 in FY23 to ₹83,269.82 in FY25.
The Company has established a strong and growing international presence, serving customers from more than 100 countries in FY25 through its online channels and flagship Experience Center in the UK. It has built a significant foothold in markets such as the United States, United Kingdom, Middle East and Canada, with international sales contributing over 28.38% of GMV in Fiscal 2025. By bridging the global gap in access to Indian designer wear, PSL has positioned itself as the go-to destination for Indian luxury fashion across domestic and international markets.
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the stock exchanges being BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”).
Axis Capital Limited and IIFL Capital Services Limited (formerly known as IIFL Securities Limited) are the Book Running Lead Managers to the issue.