From Shah Rukh Khan to Mukul Agrawal: IPO of Pernia’s parent company, Pernia’s pop-up store, soon after Sebi’s nod

Indian luxury fashion platform Pernia’s Pop-Up Shop is preparing for its stock market debut, with celebrity firepower firmly in the spotlight. Purple Style Labs, the parent company of Pernia’s Pop-Up Shop, has received approval from capital markets regulator Sebi to launch its initial public offering.The IPO will consist of a fresh issue of shares worth Rs 660 crore, without an offer for sale by existing shareholders. This means that all proceeds from the issue go directly to the company.

Purple Style Labs is backed by celebrity investors including Shah Rukh Khan, Salman Khan and his family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu, who further strengthen brand visibility and recall for the platform.Founded and promoted by Abhishek Agarwal, Purple Style Labs has built a diversified investor base spanning institutional investors, family offices, private investors and celebrities. Agarwal currently holds a 27.10% stake in the company, of which approximately 60% is owned by a broad group of long-term shareholders.

Among institutional investors, Volrado, part of Enam Holdings, is the largest shareholder. Other notable investors include Akash Bhansali and Singularity AMC, along with SageOne, Alchemy and Value Quest. Family offices and private investors backing the company include Binny Bansal, Navroz Udwadia of Alpha Wave, Neelesh Bhatnagar of NB Ventures, Utpal Sheth of RARE Enterprises, Sid Yog of Xander Group, Pidilite family offices, Harish Shah of Signet, Rahul Kayan and Mukul Agrawal of Param Capital.

PE and VC investors like Rahul Garg, formerly of Premji Invest, are also part of the shareholder base.

Purple Style Labs last raised $40 million in a Series E funding round in March 2025, just months before regulatory approval was needed for its IPO. The fundraising underscored investors’ confidence in its platform-driven, digital-first luxury fashion model. Operationally, Pernia’s Pop-Up Shop has demonstrated strong scale and growth. The platform reported a gross merchandise value of Rs 588.31 crore in FY25. Revenues have grown sharply, from Rs 45 crore in FY20 to Rs 508 crore in FY24, translating to a compound annual growth rate of around 83%, significantly higher than most luxury and bridge-to-luxury peers.

The company operates 14 Experience Centres, the largest physical retail network among listed and unlisted luxury fashion players in India, supported by its digital platform. The average order value was Rs 56,106, reflecting the premium positioning.

Since opening its first flagship Experience Center in Juhu, Mumbai in 2018, Pernia’s Pop-Up Shop has expanded to 14 Experience Centers worldwide by September 2025, including 13 in India and one in London.

While India remains its largest market, the platform has built a meaningful international presence in the US, UK and the Middle East, serving customers in 140 countries. According to a report by 1Lattice, the Indian luxury market was valued at Rs 1.35 lakh crore in FY25 and is expected to grow to Rs 2.31 lakh crore in FY30, while the wedding and occasionwear market stood at Rs 1.8 lakh crore in FY25.

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