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Purple Style Labs (PSL), the parent of Pernia’s Pop-Up Shop, has filed draft papers with SEBI for a ₹660 crore IPO.
Purple Style Labs runs one of India’s top luxury fashion platforms, bridging designer wear with digital and offline channels.
The deets: the issue is a full fresh issue, with a possible ₹130 crore pre-IPO placement. Axis Capital and IIFL Capital Services are the lead managers, while Intime Kfin is registrar. Proceeds will fund retail expansion, lease liabilities, and ₹128 crore will be spent on marketing.
The why: PSL has already pulled in $40 million this year from investors like SageOne, Alchemy, Salman Khan, and Sachin Tendulkar.
The IPO is its shot at doubling down on brand visibility, building offline experience centres, and staying ahead in India’s fast-growing luxury retail game.
Zoom out: India’s luxury fashion market is on a strong uptrend. Valued at $9.37 billion in 2024, it’s expected to touch $15.13 billion by 2033 at an annual rate of 5%. The broader luxury goods market is also expanding fast, set to nearly double from $10 billion in 2024 to $17.9 billion by 2033.
