Purple Style Labs, the parent company of luxury fashion platform Pernia’s Pop-Up Shop, is preparing to enter India’s public markets with a proposed ₹660 crore IPO by the end of August 2026. Backed by prominent investors including Shah Rukh Khan, Sachin Tendulkar and Madhuri Dixit, the company is looking to raise fresh capital as India’s luxury and wedding-fashion markets continue to expand.
The upcoming Purple Style Labs IPO is already attracting attention for an obvious reason: it brings together a fast-growing luxury fashion business, a sizeable public issue and a roster of well-known celebrity investors.
But behind the celebrity names, there is another story worth watching — the growth of India’s organised luxury-fashion market and the rise of omni-channel platforms that bring designers, physical retail and digital commerce together.
Purple Style Labs IPO: What We Know so far
Purple Style Labs has filed its updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI). The company had received SEBI approval for the public issue in January 2026. It is now expected to launch the IPO by the end of August, according to reports.
According to the DRHP, the proposed IPO will comprise a fresh issue of up to ₹660 crore, with no offer-for-sale (OFS) component. That means existing shareholders are not selling their shares as part of the proposed issue and would remain invested after the listing.
The issue is being managed by Axis Capital and IIFL Capital Services.
Purple Style Labs IPO at a Glance
| Particular | Details |
|---|---|
| Company | Purple Style Labs Ltd |
| Key platform | Pernia’s Pop-Up Shop |
| Proposed IPO size | Up to ₹660 crore |
| Issue type | Fresh issue |
| OFS | None |
| SEBI approval | January 2026 |
| Expected launch | By end-August 2026, according to reports |
| Promoter | Abhishek Agarwal |
| Promoter stake | 27.10% |
| IPO bankers | Axis Capital, IIFL Capital Services |
What Will Purple Style Labs Do with the IPO money?
The ₹660 crore raised through the IPO is expected to be used primarily to strengthen the company’s retail and operating infrastructure.
A significant portion will go towards lease liabilities for experience centres and back-end offices in India through its wholly owned subsidiary, PSL Retail.
The company also plans to allocate part of the proceeds towards sales and marketing, while the remaining funds will be used for general corporate purposes.
This is important because Purple Style Labs is not operating as a purely online fashion marketplace.
Its strategy combines digital discovery with physical luxury retail, allowing customers to discover designers online while also experiencing products through physical stores and experience centres.
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Pernia’s Pop-Up Shop Has Built a Large Designer Network
At the centre of Purple Style Labs’ business is Pernia’s Pop-Up Shop, a multi-brand luxury fashion omni-channel platform.
The platform currently features more than 1,300 designers and over two lakh products, supported by its digital presence and 14 experience centres.
The company has also been expanding its premium retail footprint.
Its presence includes the flagship Pernia’s Pop-Up Studio in Fort, Mumbai, an experience centre on Linking Road in Mumbai and another outlet on Madison Avenue in New York.
That international presence gives the company another avenue to connect Indian designers with luxury consumers outside India.
The Numbers Behind the Purple Style Labs Story
The company’s growth trajectory is one of the strongest reasons the proposed IPO is attracting attention.
Purple Style Labs’ revenue increased from ₹45 crore in FY20 to ₹508 crore in FY24, representing more than an 11-fold increase and an approximate 83% CAGR during the period.
Pernia’s Pop-Up Shop also recorded a gross merchandise value (GMV) of more than ₹588 crore in FY25.
Its average order value stood at approximately ₹56,106, highlighting the premium nature of the products sold through the platform. Repeat customers accounted for up to 28% of the business, according to the reported figures.
These numbers offer a useful glimpse into the type of consumer Purple Style Labs is targeting: shoppers willing to spend significantly more on designer fashion, wedding wear and luxury products.
Why India’s Luxury Fashion Market Matters?
The timing of the Purple Style Labs IPO is also interesting.
India’s luxury consumption market has been expanding alongside rising incomes, premiumisation and changing consumer preferences.
The country’s wedding industry has crossed ₹10 lakh crore, while the wedding-wear market is projected to reach ₹3.4 lakh crore by FY30. India’s personal luxury market is also expected to touch ₹2.31 lakh crore.
For a company focused heavily on designer fashion and occasion wear, these trends create a potentially large addressable market.
Wedding fashion, in particular, has become a significant category for premium Indian designers. Consumers are increasingly looking beyond traditional retail for designer lehengas, bridal wear, couture, jewellery and occasion fashion.
That is where an omni-channel luxury platform can play an important role.
Why Shah Rukh Khan, Sachin Tendulkar and Madhuri Dixit are drawing attention?
The proposed IPO has received considerable public attention because Purple Style Labs counts several high-profile celebrities among its publicly disclosed investors.
These include Shah Rukh Khan, Sachin Tendulkar, Madhuri Dixit, Salman Khan and his family, and Mahesh Babu.
However, it is important to distinguish between celebrity backing and ownership.
The company is promoted by Abhishek Agarwal, who holds a 27.10% stake. Its investor base also includes institutional investors, family offices and private investors.
The celebrity investments have nevertheless become an interesting part of the company’s story.
According to the reported DRHP details, Madhuri Dixit was an early investor, while the Gauri Khan Family Trust participated in a rights issue in November 2024 and Sachin Tendulkar invested through a preferential allotment in March 2025. These investments were made at the same price as institutional investors in the company’s last private funding round.
That detail is worth noting because it shows the celebrity investments were part of formal fundraising rounds rather than simply promotional associations.
Purple Style Labs’ Valuation and Previous Funding
Before the IPO, Purple Style Labs had raised around ₹402 crore through private primary funding across eight rounds from investors including Binny Bansal, Akash Bhansali and Singularity.
The company’s latest private funding round valued Purple Style Labs at approximately ₹3,662 crore post-money.
The proposed public issue will therefore provide investors with another opportunity to participate in the company’s growth story, subject to the final IPO structure, pricing and regulatory disclosures.
Why this IPO Could be Interesting for the Luxury-fashion Sector?
The Purple Style Labs IPO is not simply another consumer-tech or e-commerce listing. It offers a look at how luxury fashion in India is becoming more organised and technology-enabled.
Traditionally, designer fashion has been highly fragmented, with individual designers operating through boutiques, exhibitions, personal networks and specialised retail stores.
Platforms such as Pernia’s Pop-Up Shop bring multiple designers together under one ecosystem.
That creates advantages around discovery, digital distribution, physical experience, customer data and access to premium consumers.
The challenge, of course, is maintaining growth while managing the economics of luxury retail, inventory, physical stores and customer acquisition.
The IPO will give public-market investors greater visibility into how Purple Style Labs manages that balance.
What Investors will Watch?
Beyond the celebrity names and ₹660 crore headline, several factors will likely matter when the Purple Style Labs IPO opens.
Investors will look at revenue growth, profitability, cash flows, customer acquisition costs, repeat purchases, GMV growth and the economics of its physical experience centres.
The company’s ability to expand its designer network while maintaining premium customer experience will also be important.
Its international presence, particularly in New York, could provide another growth avenue, but overseas expansion also comes with higher operational complexity.
And because the proposed issue is entirely a fresh issue, the deployment of the ₹660 crore will be closely watched after listing.
The Bigger Picture
Purple Style Labs’ proposed IPO comes at an interesting point for India’s consumer economy.
Indian consumers are increasingly spending on experiences, premium products and differentiated brands. At the same time, digital platforms are making luxury fashion more accessible to consumers beyond traditional fashion capitals.
Pernia’s Pop-Up Shop sits at the intersection of these trends.
The company has built a large designer ecosystem, developed a digital luxury marketplace and expanded into physical retail. Now, with a proposed ₹660 crore Purple Style Labs IPO, it is preparing to take that business to the public markets.
The next milestone will be the final IPO details, including the issue dates, price band, lot size and listing timeline.
For now, the story is bigger than the celebrity investors.
Purple Style Labs is essentially taking India’s growing luxury-fashion opportunity to the stock market — and the market will soon get a chance to decide how much that story is worth.
