Purple Style Labs IPO

Purple Style Labs, formerly Purple Style Labs Private Limited, is a luxury fashion company that provides technology, branding, marketing, sales and other services to apparel and lifestyle brands. Its material subsidiary, PSL Retail Private Limited, runs the retail business through Pernia’s Pop-Up Shop and Pernia’s Pop-Up Studios. The platform sells womenswear, menswear, jewellery, accessories and kidswear through its website, mobile app and Experience Centres.

Pernia’s Pop-Up Shop is the company's main retail platform and brings multiple Indian designers together on one platform. It had 1,109 designers as of July 31, 2026, compared with 286 for Ensemble and 263 for Ogaan. The number of stores increased from eight in FY20 to 15 in FY25 and stood at 14 as of July 27, 2026. Pernia’s Pop-Up Shop started as an online-only platform in 2012, while PSL opened its first store under the brand in 2018.

The business has grown sharply over the past few years. The platform's large designer base is one of its key strengths, as customers can access products from several designers without having to visit individual stores. This is particularly relevant in wedding and occasion wear, where customers tend to look at multiple designers before making a purchase.

PSL has built its physical retail presence in major luxury markets in India. It had 12 experience centres across India, including three in Delhi, two in Mumbai and one each in Bengaluru, Chennai, Kolkata, Ahmedabad, Indore, Hyderabad and Surat. The company has also opened large-format experience centres of 20,000 to 60,000 sq. ft in Mumbai, Delhi and New York.

The platform operates across both online and offline channels. Customers can purchase through Pernia’s Pop-Up Shop website and mobile application or visit its experience centres. Between FY24 and FY26, it served more than 2 lakh unique customers and recorded 19.14 million unique visitors on its online platform in FY26. Total PPUS gross merchandise value (GMV) rose 22.65% to ₹721.56 crore in FY26 from ₹588.31 crore in FY25, while average order value increased 34.57% to ₹75,504.

India accounted for 79.7% of total PPUS GMV in FY26, up from 71.6% in FY25 and 64.9% in FY24. International markets contributed the remaining 20.2%, of which the US accounted for 10.6%, the UK 5.5%, and the rest of the world 4.1%. Within India, Mumbai was the largest market at 28.4% of total PPUS GMV, followed by Delhi at 22.9%. Hyderabad and Ahmedabad contributed 6.7% and 4.2%, respectively, while the remaining Indian markets accounted for 12.4%.

The company has also expanded outside India, with Pernia’s Pop-Up Shop having stores in London and New York and serving customers across the US, the UK, the Middle East, Canada and other markets. India’s luxury market stood at ₹1,499 billion in FY26, compared with ₹699 billion in FY20. It is expected to reach ₹2,570 billion by FY31, growing at 11% CAGR. The growth is mainly coming from higher incomes and increased spending on premium products. While the bigger cities continue to account for most of the demand, Tier 1+ cities and mini metros are also seeing a rise in luxury spending. The overall apparel market in India was ₹10.3 trillion in FY26 and is expected to grow to ₹15.3 trillion by FY31. Within this, the luxury apparel market was ₹645 billion in FY26 and is expected to reach ₹1,096 billion by FY31, a growth of 11% CAGR.

Wedding and occasion wear is another large market for the company. The market was valued at ₹2 trillion in FY26 and is expected to reach ₹3.7 trillion by FY31, growing at around a 13% CAGR. The market is still largely unorganised, but branded players are gaining share. The branded segment is expected to increase its share from 31% in FY26 to 35% by FY31 and grow at 16% CAGR.

This allows Purple Style Labs to grow along with the luxury and designer fashion market. The company has a large designer network, an online platform and experience centres across key markets. Its presence outside India also helps it cater to overseas customers looking for Indian designer wear.

Now, Purple Style Labs is launching its initial public offering (IPO), which consists of a fresh issue of ₹680 crore. Its shares will be listed on the NSE and BSE.

If you are interested in this investment opportunity but unsure how to apply for Purple Style Labs IPO, here are the steps that you need to follow.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Purple Style Labs IPO on Upstox: