Purple Style Labs (PSL), the parent company of the luxury fashion platform Pernia’s Pop-Up Shop, has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI. The company aims to raise up to ₹660 crore through this Initial Public Offering (IPO), marking a significant step in its journey to strengthen its position in the luxury fashion sector. The funds from the IPO are expected to be used to expand retail presence, improve marketing strategies, and support general corporate purposes, which will further enhance PSL’s reach and operations across India.
PSL’s IPO Goals
An IPO is not just a way to raise funds; it also provides the company with greater visibility and credibility in the market. For PSL, going public will allow it to access capital from a larger pool of investors. This capital infusion is crucial for scaling its operations and expanding its retail footprint. The company plans to allocate a significant portion of the funds to its subsidiary, PSL Retail, for managing lease obligations for experience centres and back-end offices across multiple cities. Another key portion of the funds will be used for marketing initiatives to boost brand awareness, attract new customers, and retain existing ones. The remaining proceeds will support general corporate needs, ensuring smooth business operations and providing flexibility to meet growth objectives.
Omnichannel Presence
Founded in 2015, Purple Style Labs has quickly grown into a leading omnichannel luxury fashion platform. Based in Mumbai, the company offers a carefully curated selection of over 2.1 lakh products from more than 1,300 designer brands. Its catalog spans women’s wear, men’s wear, jewellery, kids’ wear, and accessories. PSL operates through both online and offline channels, with a strong presence in major cities such as Mumbai, Delhi, Bengaluru, Hyderabad, and even international locations like London. Pernia’s Pop-Up Shop, its flagship platform, has become a trusted name among luxury fashion enthusiasts for its wide variety of designer products and seamless shopping experience.
Financial Performance and Growth Outlook
PSL has demonstrated impressive revenue growth over the past few years. In FY24, the company reported revenue of ₹508 crore, a remarkable jump from ₹45 crore in FY20. However, it has also recorded widened losses of ₹188.5 crore in FY25, largely due to expenses associated with its Employee Stock Option Plan (ESOP), which amounted to ₹122.7 crore. Despite the current losses, the company’s strong brand portfolio, expanding retail presence, and focus on strategic investments provide a solid foundation for future growth. Analysts note that the luxury fashion market in India is poised for rapid expansion, and companies like PSL are well-positioned to benefit from the rising demand for designer and premium products.
Boosting Market Presence
The PSL IPO represents more than just a fundraising exercise. It signals the company’s commitment to scaling its operations and enhancing its market presence. By going public, PSL aims to strengthen its retail infrastructure, increase brand visibility, and invest in initiatives that will drive long-term growth. For investors, this IPO offers an opportunity to participate in the journey of a fast-growing luxury fashion brand. With a combination of a strong product portfolio, expanding offline and online presence, and strategic market positioning, Purple Style Labs is poised to make a lasting impact in India’s luxury fashion segment.