Purple Style Labs Limited announced that its board approved an investment of Rs 420 crore to acquire equity shares of its wholly-owned subsidiary, PSL Retail Private Limited, through a rights issue. The investment will be used to address lease liabilities for experience centers and back-end offices in India, aligning with the company’s initial public offering objectives. PSL Retail Private Limited, incorporated in August 2019, operates the luxury omni-channel fashion platform Pernia’s Pop-Up Shop and reported revenue from operations of Rs 5,557.38 million for the financial year ended March 31, 2026.