Bollywood superstars Shah Rukh Khan and Madhuri Dixit, along with cricket legend Sachin Tendulkar, have invested in Purple Style Labs, which is now gearing up for a Rs 660 crore initial public offering (IPO) that could hit Dalal Street by August-end.
Purple Style Labs, the parent company of luxury fashion omnichannel platform Pernia’s Pop-Up Shop, has filed an updated draft red herring prospectus (DRHP) with market regulator Sebi. The company received Sebi’s approval for the IPO in January this year.
Purple Style Labs acquired Pernia’s Pop-Up Shop in February 2018, when it was primarily an online-only platform. The business has since expanded into physical retail, reporting Rs 508 crore in revenue in FY24. According to the DRHP, it currently operates 14 Experience Centres across India and London, with plans to expand further in Mumbai and New York.
The company is benefitting from its move into offline stores. In its DRHP, the company said that 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, it said, adding that this trend is driven by rising disposable incomes, evolving consumer aspirations, and a greater willingness to spend on milestone celebrations.
The country's wedding industry has crossed Rs 10 lakh crore, while the wedding-wear segment is projected to reach Rs 3.4 lakh crore by FY30. India's personal luxury market is also expected to touch Rs 2.31 lakh crore.
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Promoted by Abhishek Agarwal, who holds a 27.10% stake in the company, Purple Style Labs is backed by institutional investors, family offices and private investors. Its publicly disclosed celebrity investors include Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu.
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 and Tendulkar 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 Rs 3,662 crore.
The proposed IPO is a fresh issue of up to Rs 660 crore with no offer for sale (OFS) component, which means every existing shareholder, these three included, stays invested through the listing. Purple Style Labs plans to use the IPO proceeds to invest in its wholly-owned subsidiary, PSL Retail, towards lease liabilities for experience centres and back-end offices in India. A portion will be deployed towards sales and marketing, while the remaining proceeds will be used for general corporate purposes.
On the financial front, the company reported more than an 11-fold rise in revenue, from Rs 45 crore in FY20 to Rs 508 crore in FY24, translating into an approximately 83 per cent compound annual growth rate. Pernia's Pop-Up Shop currently offers more than 2 lakh products from over 1,300 designers through its digital platform and 14 experience centres. The platform recorded a gross merchandise value (GMV) of more than Rs 588 crore in FY25, with an average order value of Rs 56,106.
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