Purple Style Labs, the parent company of Pernia's Pop-Up Shop, is all set to launch its ₹660 crore initial public offering this month. According to reports by PTI and The Economic Times, the company will hit the primary market by the end of August. The company had submitted its updated draft red herring prospectus (UDRHP) to market regulator SEBI and received SEBI's approval to launch its IPO in January this year. The proposed IPO will comprise a fresh issue of up to ₹660 crore, with no offer-for-sale component, as detailed in the DRHP. This structure ensures that every existing shareholder, including celebrity investors Shah Rukh Khan, Salman Khan, Sachin Tendulkar, Madhuri Dixit, and Mahesh Babu, remains invested through the listing. Axis Capital Ltd and IIFL Capital Services Ltd are serving as the bankers to the issue, providing institutional support for the public market debut.
According to The Economic Times, Purple Style Labs is backed by prominent celebrity investors including Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu. The company is promoted by Abhishek Agarwal, who holds a 27.10% stake in the company. Madhuri Dixit Nene came in earliest among the celebrity investors, through convertible preference shares. The Gauri Khan Family Trust subscribed in a rights issue in November 2024, while Tendulkar subscribed in a preferential allotment in March 2025, both at the price institutional funds were paying in the last private round, which closed at a post-money valuation of ₹3,662 crore. The company has raised around ₹402 crore through private primary funding across eight rounds from investors such as Binny Bansal, Akash Bhansali and Singularity. The company is actively expanding its retail presence across key markets, including its flagship Pernia's Pop-Up Studio at Fort in Mumbai, an experience centre on Linking Road in Mumbai, and another outlet on Madison Avenue in New York. Currently, Pernia's Pop-Up Shop operates 14 Experience Centres across India and London, with plans to expand further in Mumbai and New York.
As reported by sources, the company plans to use the IPO proceeds strategically across multiple areas. The primary allocation will be towards investment in its wholly-owned subsidiary, PSL Retail, towards lease liabilities for experience centres and back-end offices across India. Additionally, a portion of the proceeds will be deployed towards sales and marketing initiatives, while the remaining funds will be utilized for general corporate purposes. This diversified approach reflects the company's expansion plans across multiple business segments and benefits from its move into offline stores, as detailed in the DRHP.
The IPO launch comes at an opportune time when India's wedding and luxury consumption markets are experiencing strong growth. The country's wedding industry has crossed ₹10 lakh crore, while the wedding-wear segment is projected to reach ₹3.4 lakh crore by FY30. Meanwhile, India's personal luxury market is also expected to touch ₹2.31 lakh crore, creating favorable market conditions for the luxury fashion platform's expansion. According to the DRHP, the Indian wedding and occasion wear market is undergoing a clear shift toward premiumization, as evident from the changing segmentation by price tiers between FY25 and FY30. The growing preference for higher-quality, experience-led weddings is accelerating the shift toward premium and luxury segments, driven by rising disposable incomes, evolving consumer aspirations, and a greater willingness to spend on milestone celebrations.
Purple Style Labs has demonstrated exceptional growth in its financial performance. The company reported an 11-fold rise in revenue, from ₹45 crore in FY20 to ₹508 crore in FY24, translating into an approximately 83% compound annual growth rate. The platform recorded a gross merchandise value (GMV) of more than ₹588 crore in FY25, with an average order value of ₹56,106. Currently, Pernia's Pop-Up Shop offers more than 2 lakh products from over 1,300 designers through its digital platform and maintains 14 experience centres. The company has also achieved repeat customers accounting for up to 28 percent, reflecting a shift towards higher-value customers. The company's business has evolved significantly since its acquisition of Pernia's Pop-Up Shop in February 2018, when it was primarily an online-only platform, to its current omnichannel presence across physical retail locations.
