Purple Style Labs Unlisted Shares

Purple Style Labs is an Indian luxury fashion and designer-wear company that operates a multi-brand, omni-channel fashion platform through its flagship Pernia’s Pop-Up Shop (PPUS). According to the company’s DRHP, Pernia’s Pop-Up Shop is one of the largest and fastest-growing multi-brand luxury omni-channel fashion platforms in India by revenue in FY2024, serving customers across India and international markets. Purple Style Labs combines digital commerce, physical Experience Centers, personalised fashion services, designer-brand partnerships and experiential retail to create a curated destination for luxury and designer fashion.

The company’s platform focuses particularly on luxury wedding wear and occasion wear, while its product portfolio spans womenswear, menswear, jewellery, accessories and kidswear. As of March 31, 2025, Purple Style Labs sourced products from 1,312 Active Designer Brands and offered approximately 211,727 SKUs. Its designer portfolio includes brands such as Seema Gujral, Anushree Reddy, Amit Aggarwal and Rohit Gandhi & Rahul Khanna.

Pernia’s Pop-Up Shop – The Core of Purple Style Labs
Purple Style Labs acquired the website and related intellectual property, goodwill and assets of Pernia’s Pop-Up Shop in February 2018, when the business was primarily an online platform. Since then, the company has transformed it into an omni-channel luxury fashion ecosystem combining online shopping with premium physical Experience Centers.

Customers can discover and purchase designer products through:

• Pernia’s Pop-Up Shop website
• Mobile application on Android and iOS
• Physical Experience Centers
• Telephonic and digital sales channels
• Fashion events, exhibitions and experiential retail initiatives 

The Experience Centers are designed to complement the online platform by allowing customers to physically interact with products, try on apparel and receive personalised styling advice. The company believes its online discovery platform can also drive footfall to its physical stores.

Large Designer Brand Network
One of the key strengths of Purple Style Labs is its extensive network of designer relationships. As of March 31, 2025, the company worked with 1,312 Active Designer Brands. Importantly, no single Designer Brand accounted for more than 10% of Total PPUS GMV in FY2025, providing diversification across its designer ecosystem.

The company provides Designer Brands with access to a large customer base, premium retail environments, visibility and distribution while helping maintain brand image and pricing integrity. According to the DRHP, this network of designer relationships can create a competitive advantage that may be difficult for new entrants to replicate. 

Omni-Channel Luxury Fashion Experience
Purple Style Labs combines the convenience of online fashion discovery with the high-touch experience of luxury retail. Its Experience Centers allow customers to inspect products, try on apparel, receive styling assistance and customise products for fit and preferences. The company also operates large-format Experience Centers designed to showcase a broader assortment of designer brands and categories.

As of the DRHP date, the company had 14 Experience Centers globally, comprising 13 in India and one in London, UK, and was in the process of opening additional locations on Linking Road in Mumbai and in New York, USA.

Growing Customer Base and Platform Scale
Purple Style Labs has built a sizeable customer and digital footprint. Through its omni-channel platform, the company served more than 200,000 unique customers between FY2023 and FY2025 and recorded 18.57 million unique visitors on its online platform during FY2025. In FY2025 alone, PPUS served 70,651 customers and processed 104,856 orders.

The platform generated Total PPUS GMV of ₹5,883.10 million in FY2025, compared with ₹4,660.94 million in FY2023, representing a 12.35% CAGR. Its Average Order Value increased to ₹56,106.44 in FY2025 from ₹39,499.84 in FY2023, representing a 19.18% CAGR.

Diversified Product Portfolio and Premiumisation
While womenswear remains the largest category, Purple Style Labs has been broadening its product mix. In FY2025, womenswear accounted for 75.66% of PPUS GMV, while menswear contributed 18.54% and other categories, including jewellery, accessories and kidswear, contributed 5.80%.

Menswear has been a particularly strong growth category. Its PPUS GMV increased from ₹492.90 million in FY2023 to ₹1,090.78 million in FY2025, representing a 48.76% CAGR. Purple Style Labs has also expanded into real jewellery and plans to further scale the category through its large-format Experience Centers. 

Since early 2024, the company has also pursued a premiumisation strategy, reducing its exposure to lower-value product lines and focusing more heavily on premium Designer Brands and products that can generate higher-value sales and profitability.

Flexible Inventory and Procurement Model
Purple Style Labs uses multiple procurement models depending on the product and commercial arrangement. Products may be purchased on an outright basis, supplied on back order or procured on a consignment basis. Under the consignment model, certain unsold products can be shuffled to refresh the assortment, which can help reduce excess inventory and associated costs.

This flexible approach allows the company to tailor inventory decisions based on factors such as Designer Brand terms, turnaround time and confidence in product demand.

International Presence and Global Opportunity
Purple Style Labs has developed an increasingly international customer and retail presence. In FY2025, international markets accounted for 28.38% of Total PPUS GMV, with international GMV of ₹1,669.90 million. The US contributed 16.55%, the UK 6.28% and the rest of the world 5.55% of total PPUS GMV.

The company operates a Pernia’s Pop-Up Studio Experience Center in London and has established Purple Style Labs USA, Inc. to pursue Experience Centers in New York and other US cities.

The DRHP also highlights the significant global Indian diaspora and growing international interest in Indian luxury and wedding fashion as an opportunity for the category. Pernia’s Pop-Up Shop's website traffic has a meaningful international component, particularly from markets such as the US, UK and Canada.

Value Proposition for Customers and Designer Brands
The business model of Purple Style Labs creates value on both sides of its platform.

For customers:

• Curated access to a wide range of luxury and designer brands
• Online and offline shopping options
• Personalised styling assistance
• Access to premium and occasion-focused collections
• Physical product discovery and customisation through Experience Centers

For Designer Brands:

• Access to a large and increasingly global customer base
• Premium retail and digital distribution
• Enhanced visibility and brand discovery
• Support across marketing and merchandising
• Greater control over brand image and pricing integrity 

Marketing and Experiential Retail
Purple Style Labs uses a multi-channel marketing strategy spanning Experience Center events, digital advertising, social media, influencer collaborations and fashion-focused experiential events. Events such as Pernia’s Pop-Up Show, Bride & Baraat and Prêt Carnival are designed to create direct engagement with luxury-fashion customers and strengthen brand awareness and loyalty.

Growth Strategy
Purple Style Labs' growth strategy is focused on expanding its footprint in key luxury markets while improving its product and Designer Brand mix. Key strategic priorities include:

• Expanding domestic and international Experience Centers
• Deepening the existing customer base
• Expanding into additional categories such as menswear and jewellery
• Optimising the Designer Brand portfolio
• Increasing focus on premium Designer Brands
• Improving inventory and capital efficiency
• Continuing to focus on profitability and cost structure 

Financial & Business Outlook
Purple Style Labs has demonstrated growth in key operating indicators such as PPUS GMV, Average Order Value, customer reach and designer-network scale. At the same time, profitability remains an important monitorable. The company reported a consolidated loss after tax of ₹1,885.50 million in FY2025, compared with a loss of ₹477.10 million in FY2024, and had negative retained earnings of ₹4,230.46 million as of March 31, 2025. The DRHP highlights the need to manage operating costs, expansion expenses and loss-making subsidiaries as the company continues to scale.

Purple Style Labs – Overall Business Position
Overall, Purple Style Labs has evolved from an online luxury fashion platform into a broader technology-enabled, multi-brand, omni-channel luxury fashion ecosystem. Its combination of Pernia’s Pop-Up Shop, 1,312 Active Designer Brands, premium Experience Centers, personalised retail experiences, digital commerce and international expansion gives the company a differentiated position within India's luxury and designer-wear market. At the same time, its ability to convert growing GMV and customer scale into sustainable profitability remains a key factor to watch as Purple Style Labs continues its expansion.

Fashion Content & First Look Magazine:
Purple Style Labs also publishes First Look, an exclusive, not-for-sale fashion magazine featuring the latest trends, designer stories and style guides. The publication supports the company's content strategy and is intended to strengthen its authority and thought leadership in the luxury fashion industry.