The moat that isn't

Summary: Purple Style Labs is listed at eight times revenue as a ‘platform’, but its designer count is shrinking, losses have widened every year and its founder sold shares below the IPO floor just a year earlier. This piece walks through why it fails Value Research's four-pillar test and what growth its current price actually assumes.

Summary: Purple Style Labs is listed at eight times revenue as a ‘platform’, but its designer count is shrinking, losses have widened every year and its founder sold shares below the IPO floor just a year earlier. This piece walks through why it fails Value Research's four-pillar test and what growth its current price actually assumes. Purple Style Labs, owner of the luxury platform ‘Pernia’s Pop-Up Shop’, listed on September 7, 2026. On our four-pillar test – business quality, management, financial quality and valuation – this one fails early. Abhishek Agarwal founded the company in 2015 and bought Pernia’s Pop-Up Shop for about Rs 12 crore in 2018, building it into a