PURPLE STYLE LABS LTD
About the company
Purple Style Labs Ltd (PSLL), incorporated in 2015, operates Pernia’s Pop-Up Shop (“PPUS”), a multi-brand luxury omni-channel fashion platform. The platform allows customers to shop through its website, mobile application (Android and iOS), and Experience Centers.
As of March 31, 2025, PPUS offered 211,727 SKUs from 1,312 active designer brands, covering categories such as womenswear, menswear, jewellery, accessories, and kidswear. The platform is associated with well-known designer brands including Seema Gujral, Anushree Reddy, Amit Aggarwal, and Rohit Gandhi & Rahul Khanna.
The company demonstrated top-line growth and strong operational expansion, with Total Revenue increasing to â‚ą557.84 Crs in FY26 while EBITDA surged significantly from â‚ą121.39 Crs in FY24 to â‚ą356.08 Crs, raising EBITDA margins to 63.83%. However, bottom-line performance deteriorated drastically over the period, with Profit After Tax losses expanding from â‚ą48.82 Crs in FY24 to â‚ą287.70 Crs in FY26, which further widened negative Earnings Per Share to â‚ą41.98. Consequently, the severe accumulation of losses completely eroded equity, pulling Shareholders' Funds into negative territory at -â‚ą52.28 Crs by FY26 despite a temporary boost in FY25.
Purple Style Labs Limited experienced a slight dip in revenue in FY25 after strong growth in FY24, driven by a strategic shift toward premium product offerings. Profitability weakened significantly, with negative EBITDA and widening net losses indicating ongoing operational challenges. Despite this, the company’s renewed focus on higher-value business segments reflects a long-term growth strategy aimed at improving margin quality.
The promoter of Purple Style Labs is Abhishek Agarwal, who is also the founder and CEO. He founded the company in 2015 after leaving a career in finance. Other promoter group members include Payal Kumari Agarwal and Priyanka Agarwal.
Purple Style Labs Ltd (PSLL) is making fresh issue of up to 1,18,26,086 shares having face value of Rs 10 each aggregating Rs 680 Crs. The price band of 546-575 per share. 11,82,608 shares offered to retail, while 17,73,912 shares offered to the Non-Institutional HNI category, 8,69,566 shares to QIB 53,21,739 shares to Anchor investors.
The shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Key metrics
Subscription status by category
Strengths & risks
Strengths / Operational Highlights
Purple Style Labs Ltd-Key Competitive Strengths
Experienced Management Team: Bridging Finance, Tech, and Luxury Retail – The core competency of the Purple Style Labs (PSLL) management, led by IIT-Bombay graduate and ex-finance professional Abhishek Agarwal, lies in leveraging business acumen and an omnichannel strategy to institutionalize the fragmented Indian luxury fashion market. The company benefits from their deep expertise in both digital scalability and high-touch physical retail (Experience Centers), enabling them to effectively curate and globally scale Indian designer brands while optimizing customer lifetime value.
Business Model: The Omnichannel Luxury Fashion Aggregator – Purple Style Labs operates an omnichannel luxury fashion platform, primarily through Pernia's Pop-Up Shop. Its business model centers on curating and scaling over 1,300 Indian designer brands, generating revenue from the sale of high-value products via a robust digital presence and large-format 'Experience Centers' in India and globally.
Business strategy: Global Luxury Omnichannel Strategy – Purple Style Labs’ core strategy is to be the leading global omnichannel platform for Indian luxury designer wear. This involves focusing on higher-value products to boost Average Order Value (AOV) and expanding its reach through large-format Experience Centers and a strong digital presence in key international markets, such as the US and UK.
Post the Public Issue Purple Style Labs focusing global retail and high-value customer growth – Purple Style Labs (PSLL) aims to use its IPO funds to accelerate retail expansion through its subsidiary, PSL Retail, by funding new Experience Centers and back-end offices both in India and key markets like New York. The capital will also be used to significantly boost sales and marketing to capture higher-value, globally-spread luxury clientele.
Risks
The company faces challenges from high development costs, a complex sales process, and scalability requirements that demand significant investments in talent and technology. It is also exposed to external risks such as intense competition, changing financial regulations, rapid technological disruptions, and potential economic downturns, all of which could impact profitability and growth.
Financial snapshot
Anchor investor allocation
Prominent Institutional/ Domestc Icici Prudential Smallcap Fund, Jupiter India Fund, Jupiter Global Fund, The-Jupiter India Select, Aditya Birla Sun Life Insurance Co. Ltd., Iti Multi Cap Fund, Iti Flexi Cap Fund, Singularity Equity Fund I, Integrated Core Strategies (Asia) Pte. Ltd., Morgan Stanley Asia (Singapore) Pte., Bofa Securities Europe Sa-Odi Purple Style Labs Ltd Have Subscribed To Anchor Book Purple Style Labs Ltd Company's 53,21,739 Shares.
Strengths & risks
Strengths / Operational Highlights
Purple Style Labs Ltd-Key Competitive Strengths
Experienced Management Team: Bridging Finance, Tech, and Luxury Retail – The core competency of the Purple Style Labs (PSLL) management, led by IIT-Bombay graduate and ex-finance professional Abhishek Agarwal, lies in leveraging business acumen and an omnichannel strategy to institutionalize the fragmented Indian luxury fashion market. The company benefits from their deep expertise in both digital scalability and high-touch physical retail (Experience Centers), enabling them to effectively curate and globally scale Indian designer brands while optimizing customer lifetime value.
Business Model: The Omnichannel Luxury Fashion Aggregator – Purple Style Labs operates an omnichannel luxury fashion platform, primarily through Pernia's Pop-Up Shop. Its business model centers on curating and scaling over 1,300 Indian designer brands, generating revenue from the sale of high-value products via a robust digital presence and large-format 'Experience Centers' in India and globally.
Business strategy: Global Luxury Omnichannel Strategy – Purple Style Labs’ core strategy is to be the leading global omnichannel platform for Indian luxury designer wear. This involves focusing on higher-value products to boost Average Order Value (AOV) and expanding its reach through large-format Experience Centers and a strong digital presence in key international markets, such as the US and UK.
Post the Public Issue Purple Style Labs focusing global retail and high-value customer growth – Purple Style Labs (PSLL) aims to use its IPO funds to accelerate retail expansion through its subsidiary, PSL Retail, by funding new Experience Centers and back-end offices both in India and key markets like New York. The capital will also be used to significantly boost sales and marketing to capture higher-value, globally-spread luxury clientele.
Risks
The company faces challenges from high development costs, a complex sales process, and scalability requirements that demand significant investments in talent and technology. It is also exposed to external risks such as intense competition, changing financial regulations, rapid technological disruptions, and potential economic downturns, all of which could impact profitability and growth.
Our verdict
Our View on This IPO
Purple Style Labs Ltd which is tapping the capital market, enjoys a strong track record of ramping up its turnover in the last two years & building strong business relationships with its domestic customers which has helped it significantly scale up its operations.
The core competency of the Purple Style Labs (PSLL) management, led by IIT-Bombay graduate and ex-finance professional Abhishek Agarwal, lies in leveraging business acumen and an omnichannel strategy to institutionalize the fragmented Indian luxury fashion market. The company benefits from their deep expertise in both digital scalability and high-touch physical retail (Experience Centers), enabling them to effectively curate and globally scale Indian designer brands while optimizing customer lifetime value.
Purple Style Labs operates an omnichannel luxury fashion platform, primarily through Pernia's Pop-Up Shop. Its business model centers on curating and scaling over 1,300 Indian designer brands, generating revenue from the sale of high-value products via a robust digital presence and large-format 'Experience Centers' in India and globally.
More importantly, Purple Style Labs Ltd promoters have significant industry experience and have been instrumental in the company's consistent growth. The management team's combined expertise and experience are also a significant asset going ahead
After the proposed IPO, the company’s net worth will total Rs 627.71 crore as on date after the IPO, & post-IPO, the equity capital will stand at Rs 6835.32 crore.
We are confident Purple Style Labs Ltd will deliver consistent performance and provide an excellent investment opportunity for investors with a long-term horizon.
Hence, we recommend SUBSCRIBE for long-term investment
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