Purple Style Labs' Top 100 Brands Generated 78% of PPUS GMV

Purple Style Labs had 1,109 Active Designer Brands as of March 31, 2026, down from 1,910 as of March 31, 2024, while its top 100 Designer Brands generated 77.56% of Fiscal 2026 PPUS gross merchandise value (GMV), or Rs 55.9674 crore. The disclosures show a smaller active roster and a greater share of sales concentrated in leading labels.

Why did Purple Style Labs' active designer-brand roster decline?

Purple Style Labs' active designer-brand roster fell by 801 brands, or about 42%, from 1,910 as of March 31, 2024 to 1,109 as of March 31, 2026. The number also declined by 203 from 1,312 as of March 31, 2025. The disclosure reports Active Designer Brands as brands associated with Purple Style Labs at each March 31 reporting date, without specifying which brands exited in each year.

Purple Style Labs disclosed a strategy to optimise its Designer Brand mix by reducing brands with lower-value product lines and focusing on more premium Designer Brands that drive sales and profitability. The company gave that explanation for international PPUS GMV, which decreased from Rs 16.699 crore in Fiscal 2025 to Rs 14.6381 crore in Fiscal 2026. The disclosure does not quantify how much of the overall reduction from 1,910 brands resulted from this strategy or identify the GMV contributed by the brands no longer active.

The reduced roster leaves continued product selection dependent on the range, availability and quality offered by the remaining 1,109 brands and any new additions. Purple Style Labs named Seema Gujral, Amit Aggarwal, Rohit Gandhi & Rahul Khanna and Anushree Reddy among its active brands as of March 31, 2026. The company states that its ability to retain customers and acquire new ones can be affected if customers do not consider its product selection and after-sales services superior to alternatives.

How concentrated was Purple Style Labs' PPUS GMV among designer brands?

Purple Style Labs' top 100 Designer Brands generated 77.56% of Fiscal 2026 PPUS GMV, compared with 71.93% in Fiscal 2025 and 66.77% in Fiscal 2024. PPUS refers to Pernia's Pop-Up Shop, and GMV is the reported value of merchandise sold through its omni-channel operations. The Fiscal 2026 top-100 group produced Rs 55.9674 crore of total PPUS GMV of Rs 72.1562 crore.

Concentration also rose among the smaller reported groups. The top 10 Designer Brands accounted for 30.24% of Fiscal 2026 PPUS GMV, up from 26.54% in Fiscal 2025 and 23.44% in Fiscal 2024, while the top 50 accounted for 62.24%, against 56.07% and 51.54%, respectively. Purple Style Labs says each annual ranking may contain different brands, so the figures measure the concentration of sales in the leading group each year rather than the performance of a fixed set of labels.

The top 100 represented about 9% of the 1,109 Active Designer Brands reported at March 31, 2026, yet generated more than three quarters of Fiscal 2026 PPUS GMV. The remaining 1,009 brands therefore accounted for 22.44% of GMV based on the reported top-100 share. Purple Style Labs also disclosed that none of its top 10, 25, 50 or 100 Designer Brands was connected to its Promoter Group as of the red herring prospectus date.

What makes designer-brand concentration an operating risk?

Purple Style Labs depends on leading Designer Brands to retain their platform presence, supply products and meet customer quality expectations. The company typically enters agreements with Designer Brands for one year, with most agreements automatically renewing unless either party terminates them. These agreements are non-exclusive, meaning brands may use direct-to-consumer channels or other marketplaces and may choose not to list all products with Purple Style Labs.

Purple Style Labs procures products through back orders, outright purchases and consignment stock. Under the consignment model, Purple Style Labs purchases and invoices a product only after an end-customer sale and takes title immediately before that sale; it does not share a percentage of revenue with the Designer Brand. This arrangement can reduce inventory ownership before a sale, but product availability remains contingent on each Designer Brand's operations, product range and willingness to supply the platform.

Designer Brands set their own sale prices or maximum retail prices for products sold through the online platform, and Purple Style Labs says it typically cannot run promotions or adjust prices when demand, seasons or competitors change. Operating-cost increases at a Designer Brand, including inflation, goods costs, labour, employee benefits and rent, could lead to price increases, changed markdown terms, fewer discounts or cessation of operations. Purple Style Labs said it had not faced retention difficulties, product-quality issues or passing on of past-due pricing costs that materially affected operations in Fiscal 2026, Fiscal 2025 or Fiscal 2024.

Can demand trends support GMV growth with fewer brands?

Purple Style Labs' total PPUS GMV rose to Rs 72.1562 crore in Fiscal 2026 from Rs 58.831 crore in Fiscal 2025, even as its active Designer Brand count declined to 1,109 from 1,312. PPUS average order value, or AOV, increased 34.57% year on year to Rs 75,504.88 in Fiscal 2026 from Rs 56,106.44 in Fiscal 2025. The disclosure does not assign the increase in AOV or GMV to individual Designer Brands or product categories.

Total customers declined to 66,713 in Fiscal 2026 from 70,651 in Fiscal 2025 and 92,672 in Fiscal 2024. Repeat customers were 28.80% of Fiscal 2026 total customers, compared with 28.05% in Fiscal 2025, but repeat-customer GMV declined as a share of total PPUS GMV to 29.34% from 30.80%. Purple Style Labs defines repeat customers as people with at least one order in the relevant year and at least one order before that year since Fiscal 2019.

Purple Style Labs spent Rs 3.0164 crore on sales and marketing in Fiscal 2026, down from Rs 3.3168 crore in Fiscal 2025 and Rs 5.4113 crore in Fiscal 2024. Its customer-acquisition activity includes events at Experience Centers, print advertising, digital campaigns, social-media influencers and targeted advertising. Continued GMV growth with a smaller brand roster and fewer total customers would require sustained AOV, repeat purchases, effective acquisition activity, or a combination of those factors.

Conclusion

Purple Style Labs' disclosures indicate a more selective and more concentrated Designer Brand model: its active roster declined from 1,910 to 1,109 over two years, while the top 100 brands' PPUS GMV share rose by 10.79 percentage points to 77.56%. Fiscal 2026 PPUS GMV increased by Rs 13.3252 crore and AOV rose 34.57%, showing that the smaller roster did not prevent growth during that year, but more sales depended on a limited leading group.

The next measure to watch is execution of Purple Style Labs' disclosed plan to optimise its Designer Brand mix towards premium labels while preserving selection and availability. The unresolved matter is whether typically one-year, non-exclusive brand agreements, designer-controlled pricing and potential operating-cost increases will affect supply, conversion or order volumes while the top 100 brands remain central to PPUS GMV.