Purple Style Labs IPO

Purple Style Labs Limited operates a multi-brand luxury omni-channel fashion platform under its flagship brand, Pernia’s Pop-Up Shop (PPUS). The company curates and retails luxury fashion products across womenswear, menswear, jewellery, accessories and kidswear, with a particular focus on wedding and occasion wear.

The company was incorporated as Purple Style Labs Private Limited on 6 August 2015 in Mumbai, Maharashtra. It was subsequently converted into a public limited company and renamed Purple Style Labs Limited, with the fresh certificate of incorporation issued on 13 December 2023.

Purple Style Labs operates an omni-channel business model combining physical Experience Centres with its website, mobile application, telephonic and digital sales channels, events and exhibitions. As of 31 March 2026, the platform sourced products from 1,109 active designer brands and offered approximately 208,490 SKUs.

The company's designer portfolio includes brands such as Seema Gujral, Anushree Reddy, Amit Aggarwal and Rohit Gandhi & Rahul Khanna. Its platform enables customers to access curated Indian luxury fashion while providing designer brands with access to domestic and international customers.

As of 31 March 2026, Purple Style Labs operated 14 Experience Centres globally, including locations in India, London and New York. The company also served customers across international markets including the United States, United Kingdom, Middle East and Australia.

The platform recorded PPUS gross merchandise value of ₹721.56 crore in FY2026 compared with ₹588.31 crore in FY2025, representing growth of 22.65%. Its average order value increased from ₹56,106.44 in FY2025 to ₹75,504.88 in FY2026.

Purple Style Labs has built a differentiated position in the luxury fashion segment through Pernia’s Pop-Up Shop. Its combination of online commerce, Experience Centres and designer relationships gives it an omni-channel model covering both digital and physical retail.

The company has expanded its designer network substantially, with 1,109 active designer brands as of 31 March 2026. Its product offering spans womenswear, menswear, jewellery, accessories and kidswear, with wedding and occasion wear forming an important focus area.

The platform's operating metrics also show growth. PPUS GMV increased from ₹588.31 crore in FY2025 to ₹721.56 crore in FY2026, while average order value increased by 34.57% to ₹75,504.88.

However, the company's financial position remains a major concern. Revenue from operations increased to ₹567.07 crore in FY2026, but the company reported a consolidated loss after tax of ₹285.40 crore. EBITDA was ₹30.37 crore, while net worth turned negative at ₹52.28 crore.

The company's interest cost also increased substantially. Interest expense was ₹97.09 crore in FY2026 compared with ₹52.97 crore in FY2025, while depreciation increased to ₹100.75 crore from ₹54.63 crore.

At the upper IPO price of ₹575, conventional P/E valuation is not meaningful because the company reported negative earnings. FY2026 EPS was negative and the company also had negative net worth. The reported FY2026 ROCE was -23.56% and PAT margin was -51.16%.

The IPO proceeds are intended to provide ₹371.10 crore to PSL Retail for lease liabilities of Experience Centres and back-end offices and ₹138.90 crore towards sales and marketing. Investors should therefore evaluate whether the company's future growth can generate sufficient operating cash flow to support its physical retail footprint and financial obligations.

Overall, Purple Style Labs offers exposure to India's premium and luxury fashion market and has demonstrated growth in GMV, designer relationships and customer reach. However, widening losses, negative net worth, high borrowings and elevated finance and depreciation costs make this a high-risk IPO. Investors should carefully review the RHP before making any investment decision.

As of 29 August 2026, the public issue had not yet opened, so no public subscription multiple was available. The company had, however, raised approximately ₹306 crore from anchor investors on 28 August 2026 by allotting 53.21 lakh shares at ₹575 per share.

Purple Style Labs IPO applications can be made through the ASBA process and UPI-supported IPO applications. The minimum application consists of one lot of 26 shares, requiring ₹14,950 at the upper price band of ₹575.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Purple Style Labs IPO.
4. Enter the number of lots you want to apply for.
5. Select the bid price. Retail investors can generally choose Cut-off when available.
6. Enter your valid UPI ID.
7. Submit the IPO application.
8. Open your UPI app when the mandate request arrives.
9. Approve the mandate using your UPI PIN.
10. The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.