New Delhi: Purple Style Labs (PSL), the parent company of luxury fashion platform Pernia’s Pop-Up Shop, has entered the public markets with a ₹680-crore Initial Public Offering (IPO). Founded by IIT Bombay aerospace engineer-turned-entrepreneur Abhishek “Monty” Agarwal, the company is looking to build a global business around Indian luxury and designer fashion.
The IPO opened on August 31 and will close on September 2, 2026. The price band has been fixed at ₹546–₹575 per share, giving the company an implied post-issue valuation of around ₹4,603 crore at the upper end. Ahead of the issue, PSL raised ₹306 crore from anchor investors, with 53.22 lakh shares allotted to 10 investors at ₹575 per share.
Agarwal founded Purple Style Labs in 2015 after working as an equity derivatives structurer at Deutsche Bank. He had completed both his BTech and MTech in Aerospace Engineering from IIT Bombay. In 2018, the company acquired Pernia’s Pop-Up Shop, giving PSL a stronger presence in India’s designer fashion market.
The company has since grown into an omnichannel luxury fashion platform, combining online sales with physical experience centres. It now works with more than 1,100 active designer brands and serves customers across nearly 100 countries. Its international presence includes stores and experience centres in cities such as New York and London.
PSL is particularly targeting India’s growing luxury wedding and occasion-wear market. According to the company, luxury currently represents around 5% of India’s ₹2 lakh crore wedding and occasion-wear market, or about ₹10,000 crore. This segment is projected to rise to around 9% as the overall market grows to ₹3.7 lakh crore, potentially taking the luxury opportunity close to ₹33,000 crore over the next five years.
The company has also moved towards a more premium customer base. PSL has removed products priced between ₹5,000 and ₹15,000 and is concentrating on higher-value luxury products. The top 10 designer brands contributed 30.24% of the company’s gross merchandise value in FY26, compared with 23.44% in FY24. Average order values are also much higher through physical stores, at about ₹90,000 in India compared with ₹38,000 online.
However, the business still faces financial challenges. PSL reported operating revenue of ₹557.84 crore in FY26, up from ₹489.91 crore in FY25. Despite this growth, EBITDA declined from ₹41.99 crore to ₹30.37 crore. More importantly, its consolidated loss widened sharply to ₹285.4 crore in FY26 from ₹188.4 crore a year earlier. Its total equity also turned negative at ₹52.3 crore as of March 31, 2026.
