Purple Style Labs IPO: ₹660 Cr Target, Celebrity Investors

Purple Style Labs, parent company of Pernia’s Pop-Up Shop, is targeting a ₹660 crore IPO by the end of August. Bollywood stars Shah Rukh Khan and Madhuri Dixit, alongside cricket legend Sachin Tendulkar, are among its notable investors.

The company secured IPO approval from market regulator Sebi in January. This fresh issue of up to ₹660 crore will not include an offer for sale, ensuring existing celebrity shareholders remain invested.

Key Financials & Market Growth

Purple Style Labs saw its revenue surge from ₹45 crore in FY20 to ₹508 crore in FY24, an eleven-fold increase. This represents an 83% compound annual growth rate over the period.

The Indian wedding industry has surpassed ₹10 lakh crore, with the wedding-wear segment projected to hit ₹3.4 lakh crore by FY30. The personal luxury market is also expected to reach ₹2.31 lakh crore.

Expansion & IPO Proceeds

Since acquiring Pernia’s Pop-Up Shop in February 2018 as an online platform, Purple Style Labs has expanded significantly. It now operates 14 “Experience Centres” across India and London, with further expansion planned for Mumbai and New York.

IPO proceeds are earmarked for investment in its subsidiary, PSL Retail, to cover lease liabilities for experience centers and back-end offices in India. Funds will also support sales and marketing efforts and general corporate purposes.

The platform currently offers over 2 lakh products from more than 1,300 designers. It recorded a gross merchandise value exceeding ₹588 crore in FY25, with an average order value of ₹56,106.