{"id":14640,"date":"2026-08-28T10:02:01","date_gmt":"2026-08-28T10:02:01","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=14640"},"modified":"2026-08-31T10:05:03","modified_gmt":"2026-08-31T10:05:03","slug":"the-purple-style-labs-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/the-purple-style-labs-ipo\/","title":{"rendered":"Drip Too Hard? The Purple Style Labs IPO"},"content":{"rendered":"<p><em>Purple Style Labs Limited (the parent company behind Pernia\u2019s Pop-Up Shop) is launching a \u20b9680 Cr IPO from Aug 31 to Sep 2, 2026. They run a physical retail network out of 14 Experience Centres and are India\u2019s premier omnichannel luxury platform specializing in high-end wedding and occasion wear, curating a portfolio of over 1,100 active designer brands.<\/em><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!chAU!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png 1456w\" alt=\"\" width=\"572\" height=\"431.01408450704224\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/2f8c1908-00c2-4312-8f4a-4288825485ac_852x642.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:642,&quot;width&quot;:852,&quot;resizeWidth&quot;:572,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"introduction\">Introduction<\/h2>\n<p>India\u2019s luxury market is worth \u20b91,49,900 Cr in FY26. It has grown at 14% a year since FY20, when it stood at \u20b969,900 Cr, and is expected to reach \u20b92,57,000 Cr by FY31.<\/p>\n<p>Within this market, wedding and occasion wear is worth \u20b92,00,000 Cr in FY26, having grown at 12% a year since FY20. It is expected to reach \u20b93,70,000 Cr by FY31, growing at 13% a year.<\/p>\n<p>Purple Style Labs Limited runs\u00a0<strong>Pernia\u2019s Pop-Up Shop<\/strong>, the platform for luxury Indian designer wear.<\/p>\n<p>Pernia\u2019s Pop Up is one of the largest and fastest growing multi-brand luxury omni-channel fashion platforms in India. They\u2019re now going live for an IPO ~<strong>\u20b9680 Cr<\/strong>\u00a0consisting entirely of a Fresh Issue.<\/p>\n<p>From the proceeds, ~\u20b9371 Cr will be used towards funding payments for its Experience Centers and back-end offices, while ~\u20b9139Cr will be used for sales and marketing.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-business-model\">The Business Model<\/h2>\n<p>Purple Style Labs sources luxury fashion from\u00a0<strong>1,109 Active Designer Brands<\/strong>, including names such as Seema Gujral, Anushree Reddy, and Amit Aggarwal. It\u2019s got around 208,490 stock-keeping units listed, in a product line that ranges from womenswear, menswear, jewelry, accessories, and kidswear.<\/p>\n<p>Pernia\u2019s Pop-Up Shop was acquired by Purple Style Labs in 2019, and since then has transformed the chain from a mere online-only luxury platform into an omni-channel platform, with offline Experience Centers along with a robust online presence.<\/p>\n<p>Customers can shop through the company\u2019s website and mobile app, or in one of its 14 Experience Centers, 12 of them in India, one in London, and one in New York.<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img fetchpriority=\"high\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!8C--!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png 1456w\" alt=\"\" width=\"1207\" height=\"769\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/dc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:769,&quot;width&quot;:1207,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1408192,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/213123197?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6efcce-2940-4472-9269-914f4eee8e6c_1207x769.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\"><em>Source: Purple Style Labs RHP<\/em><\/figcaption><\/figure>\n<\/div>\n<p>Purple Style Labs sells goods under three procurement models.<\/p>\n<ul>\n<li><strong>Outright purchase<\/strong>, where it buys stock upfront and holds and sells it.<\/li>\n<li><strong>Backorders<\/strong>\u00a0(which covers a large part of its products), where it places an order with the designer brand only after a customer buys the product, to save inventory space, but collects payment from the customer in advance.<\/li>\n<li><strong>Consignment<\/strong>, where a designer brand supplies stock that the company can return or rotate if it stays unsold, and a sale from the designer to the company is recorded only immediately before the sale to the customer.<\/li>\n<\/ul>\n<p>The company picks its procurement model brand-by-brand, based on several factors like the brands\u2019 popularity, saleability, etc.<\/p>\n<p>Revenue mostly comes from the sale of these goods.<\/p>\n<p>In FY26,\u00a0<strong>95,565 orders<\/strong>\u00a0were placed worth ~\u20b9722 Cr in\u00a0<strong>gross merchandise value (GMV)<\/strong>.<\/p>\n<p>Note that the prices for the items are set by the brands themselves, not Purple Style Labs.<\/p>\n<p>The company has been shifting toward larger, costlier \u201cLarge Format\u201d stores in high-street locations, such as Fort in Mumbai and South Extension in Delhi. It ran two Large Format Experience Centers in FY24 and FY25, and four in FY26, with a fifth planned for FY27.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics\">Unit Economics<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!bDuF!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png 1456w\" alt=\"\" width=\"552\" height=\"492.85714285714283\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/c40d0826-10da-414b-9b81-82058e8c9b30_1936x1728.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1300,&quot;width&quot;:1456,&quot;resizeWidth&quot;:552,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>The\u00a0<strong>average order value<\/strong>\u00a0rose ~35% to \u20b975,505 in FY26 even as the number of orders fell. The company sold fewer orders, at a higher price.<\/li>\n<li><strong>Gross profit per order<\/strong>\u00a0rose every year, reaching \u20b921,916 in FY26, since revenue per order grew faster than the cost of goods sold per order.<\/li>\n<li><strong>Adjusted EBITDA per order<\/strong>\u00a0fell to \u20b93,177 in FY26 from \u20b94,003 in FY25, even though gross profits rose, as employee costs nearly doubled and other expenses per order grew faster than revenue.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong>Physical stores<\/strong>\u00a0drive most of the business.\u00a0<strong>Experience Centers<\/strong>\u00a0accounted for the largest share of GMV in India from FY24 to FY26, going from \u20b9349 Cr to \u20b9539 Cr.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!E9r4!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F698e353c-417f-496a-9182-36417e37fe91_1996x1234.png 1456w\" alt=\"\" width=\"576\" height=\"356.04395604395603\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/698e353c-417f-496a-9182-36417e37fe91_1996x1234.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:900,&quot;width&quot;:1456,&quot;resizeWidth&quot;:576,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>The\u00a0<strong>number of orders<\/strong>\u00a0fell every year, from 136,622 in FY24 to 95,565 in FY26, a drop of ~30%, but\u00a0<strong>Average Order Value<\/strong>\u00a0rose every year, from \u20b945,513 in FY24 to \u20b975,505 in FY26. This is the main reason for GMV growth.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Zm7S!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png 1456w\" alt=\"\" width=\"616\" height=\"381.1923076923077\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/1859fb13-d91d-4689-910c-7c4ccc699275_2048x1267.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:901,&quot;width&quot;:1456,&quot;resizeWidth&quot;:616,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Pernia\u2019s Pop Up is increasingly getting vocal for local, as\u00a0<strong>International markets make up a lesser share of GMV every year<\/strong>, falling from 35% in FY24 to 20% in FY26.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!2m49!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png 1456w\" alt=\"\" width=\"610\" height=\"377.4793956043956\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/49c2966b-cc89-4065-bd4c-4b1f2ee23192_2048x1267.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:901,&quot;width&quot;:1456,&quot;resizeWidth&quot;:610,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff\">The Financial Stuff<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!c5EP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png 1456w\" alt=\"\" width=\"552\" height=\"500.81868131868134\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/dd2daf1b-d8b2-4b1f-a35b-64fc2ed708bd_2048x1858.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1321,&quot;width&quot;:1456,&quot;resizeWidth&quot;:552,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Adjusted EBITDA<\/strong>\u00a0fell to \u20b930 Cr in FY26 from \u20b942 Cr in FY25, and EBITDA Margin dropped to 5% from 9% in the same period.<\/li>\n<li><strong>Depreciation costs<\/strong>\u00a0rose to \u20b9101 Cr in FY26, and\u00a0<strong>Finance Costs<\/strong>\u00a0to \u20b997Cr, from \u20b939 Cr and \u20b941 Cr respectively in FY24, both driven as Pernia introduced a new store type called the Large Format Experience Center.<\/li>\n<li><strong>Loss After Tax<\/strong>\u00a0widened to \u20b9285Cr in FY26 from \u20b9188 Cr in FY25 and \u20b948 Cr in FY24.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"purple-style-labs-peers-fy26\">Purple Style Labs\u2019 Peers (FY26)<\/h2>\n<p><em>(Purple Style Labs states in its RHP that it has no listed peer in India or elsewhere of comparable size, scale, and business model.)<\/em><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<ul>\n<li><strong>Persistent losses:<\/strong>\u00a0Purple Style Labs has never turned a profit. There is no certainty that the company will turn profitable after listing, especially in an industry with such fluctuating demands and trends as luxury fashion.<\/li>\n<li><strong>Aggressive store expansion despite losses.<\/strong>\u00a0Purple Style Labs keeps opening large, costly stores even as it loses money. It ran two Large Format Experience Centers in FY24 and FY25, and four in FY26, in high-street locations such as Fort and Linking Road in Mumbai, South Extension in Delhi, and Madison Avenue in New York.<\/li>\n<li><strong>Shrinking order volumes and customer base.<\/strong>\u00a0The number of orders dropped by ~30% over the past two years, and the customer base has fallen considerably over the same period. Though a rising average order value makes up for this till now, this premiumization strategy might not always be viable, for instance if high-value customers pull back or the company runs short of new higher-value designer brands to add.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\">\n<div class=\"pencraft pc-display-contents pc-reset pubTheme-yiXxQA\"><\/div>\n<\/div>\n<p>Purple Style Labs has built one of India\u2019s largest platforms for luxury designer wear, with a rising average order value and a growing footprint of Large Format Experience Centers. But it has also never made a profit, and its FY26 loss is its widest yet, with costs piling on from all ends faster than its earnings. The deciding variable will be whether the company\u2019s premiumization strategy, selling fewer orders at a higher value each, can be successful in driving a change in its operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purple Style Labs Limited (the parent company behind Pernia\u2019s Pop-Up Shop) is launching a \u20b9680 Cr IPO from Aug 31 to Sep 2, 2026. They run a physical retail network out of 14 Experience Centres and are India\u2019s premier omnichannel luxury platform specializing in high-end wedding and occasion wear, curating a portfolio of over 1,100 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":14641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-14640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Purple Style Labs IPO: Review, Financials, Business &amp; Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the Purple Style Labs IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.incredmoney.com\/blog\/the-purple-style-labs-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Purple Style Labs IPO: Review, Financials, Business &amp; Risks | InCred Money\" \/>\n<meta property=\"og:description\" content=\"Explore the Purple Style Labs IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.incredmoney.com\/blog\/the-purple-style-labs-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-28T10:02:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-31T10:05:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incredmoney.com\/blog\/wp-content\/uploads\/2026\/08\/8ff6a206-1884-41a2-86f3-9b78987750ee_1299x726.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1299\" \/>\n\t<meta property=\"og:image:height\" content=\"726\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"InCred Money\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"InCred Money\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-purple-style-labs-ipo\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/the-purple-style-labs-ipo\\\/\"},\"author\":{\"name\":\"InCred Money\",\"@id\":\"https:\\\/\\\/www.incredmoney.com\\\/blog\\\/#\\\/schema\\\/person\\\/91d1ca8413938f5afdb8971df15afacc\"},\"headline\":\"Drip Too Hard? 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