India’s luxury fashion scene is about to get a public listing makeover. Purple Style Labs (PSL), the parent company of the renowned designer platform Pernia’s Pop-Up Shop, has
India’s luxury fashion scene is about to get a public listing makeover. Purple Style Labs (PSL), the parent company of the renowned designer platform Pernia’s Pop-Up Shop, has filed its draft red herring prospectus (DRHP) with SEBI for an IPO worth Rs 660 crore, marking a major milestone for high-end fashion in India.
The proposed IPO will be entirely a fresh equity raise, with no offer-for-sale component, signaling PSL’s intent to invest in its business rather than providing exits for existing investors.
PSL plans to deploy the majority of the funds to expand and maintain its experience centres and back-end offices across India, as well as ramp up marketing initiatives.
According to the DRHP, the proceeds will be allocated as follows:
Leased properties remain a major cost driver for PSL. Earlier this year, the company rented Mumbai’s historic Ismail Building, previously occupied by Zara, with a reported daily rent of Rs 10 lakh, underlining the premium spaces PSL targets for its flagship stores.
Founder and CEO Abhishek Agarwal currently holds 27.1% of the company. Promoter group members Payal Kumari Agarwal and Priyanka Agarwal collectively own less than 1%. Other notable shareholders include:
PSL has raised about $78 million in private equity funding so far. This includes a $40 million (Rs 332 crore) Series E round in March 2025 led by SageOne Flagship Growth OE Fund and Alchemy Long Term Ventures Fund, with participation from celebrities Salman Khan and Sachin Tendulkar, highlighting the brand’s celebrity-backed appeal.
Founded in 2015, PSL has carved a niche as an omnichannel luxury fashion platform, merging online and offline experiences to cater to high-end clientele. Its portfolio includes:
The company’s collections cover a wide spectrum: wedding and occasion wear, menswear, accessories, and more, making it a one-stop luxury fashion destination.
For FY25, PSL reported operating revenue of Rs 490 crore, a slight 3% decline from Rs 504 crore in FY24. However, losses widened nearly fourfold to Rs 188.5 crore, compared with Rs 47.7 crore the previous year.
The surge in losses was primarily due to ESOP-related expenses of Rs 122.7 crore, reflecting PSL’s strategy of incentivizing employees to drive growth and innovation.
Despite the losses, PSL continues to invest aggressively in expansion and brand building, demonstrating confidence in the long-term growth of India’s luxury fashion market.
The PSL IPO is significant for multiple reasons:
PSL’s plans include enhancing its experience centres, creating more immersive shopping experiences, and investing in sales and marketing to strengthen brand recall.
The brand’s strategy emphasizes:
By combining offline luxury experiences with online convenience, PSL aims to set the gold standard in India’s high-end fashion market.
The Purple Style Labs IPO is more than a financial event—it’s a landmark moment for India’s luxury fashion industry. With celebrity endorsements, designer partnerships, and a clear growth strategy, PSL is set to turn heads both in the stock market and the fashion world.
For investors looking for glamour, growth, and strategic innovation, this IPO could be the perfect opportunity to step into India’s luxury fashion revolution.
