Purple Style Labs IPO: Pernia Qureshi sends legal notice over ‘Pernia’ rights; Axis Capital revises note
Purple Style Labs IPO opens amid a legal dispute with Pernia Qureshi over rights to the ‘Pernia’ name. Axis Capital revised its investor communication.
- Sep 1, 2026,
- Updated Sep 1, 2026 1:13 PM IST
A dispute involving fashion entrepreneur Pernia Qureshi has surfaced as Purple Style Labs launched its Rs 680-crore initial public offering (IPO), which opened for subscription on Monday. Qureshi and Pernia Qureshi Consultancy have sent a legal notice to Purple Style Labs and Axis Capital, the issue's lead book running manager, over the description of the company's rights over the 'Pernia' name in an investor communication dated August 26.
The notice objects to the communication's statement that Purple Style Labs obtained "perpetual, sole, exclusive and worldwide" rights over 'Pernia's', 'Pernia's', 'Pop-Up Shop', 'PPUS' and their derivatives as part of its 2018 acquisition of the business. Qureshi has disputed this and said the licence was limited to the Pernia's Pop-Up Shop brand and did not allow Purple Style Labs to use 'Pernia' or 'Pernia's' independently.
Legal notice and revised communication According to the legal notice, the August 26 communication gave investors a broader impression of the rights transferred under the agreements than what was actually provided for. The notice also raised questions over the due diligence carried out before the communication was sent to investors.
Axis Capital subsequently issued a revised version of the IPO note and asked recipients to disregard the earlier communication. The revised note gave a narrower description of the rights and said Purple Style Labs can use 'Pernia' on a perpetual, sole, exclusive and worldwide basis only in connection with 'perniaspopupshop', 'Pernia's Pop Up Shop', 'PPUS' and related derivatives.
Purple Style Labs rejected the suggestion that it had used the name beyond the scope of its agreements. "As per the agreements and the licence arrangement, Purple Style Labs does not use 'Pernia' or 'Pernia's' as a standalone name," the company said.
Disclosure in the red herring prospectus (RHP) The issue had already been disclosed as a risk factor in Purple Style Labs' red herring prospectus. The company said it acquired ownership rights over intellectual property associated with Pernia's Pop-Up Shop under an asset purchase agreement and a licence agreement signed with Pernia Qureshi Consultancy in February 2018.
The red herring prospectus said the agreements gave the company the right to use 'Pernia's' as part of 'perniaspopupshop', 'Pernia's Pop Up Shop' and 'PPUS' and their derivatives. It also disclosed that the company received a notice from Pernia Qureshi and the seller in January 2026 seeking termination of the licence agreement over alleged breaches.
Purple Style Labs denied those allegations and maintained that the licence was not terminable under its terms, while also saying it had acquired the relevant intellectual property rights under the asset purchase agreement. The dispute over the use of the 'Pernia' name has now resurfaced as the company's public issue opens for subscription.
A dispute involving fashion entrepreneur Pernia Qureshi has surfaced as Purple Style Labs launched its Rs 680-crore initial public offering (IPO), which opened for subscription on Monday. Qureshi and Pernia Qureshi Consultancy have sent a legal notice to Purple Style Labs and Axis Capital, the issue's lead book running manager, over the description of the company's rights over the 'Pernia' name in an investor communication dated August 26.
The notice objects to the communication's statement that Purple Style Labs obtained "perpetual, sole, exclusive and worldwide" rights over 'Pernia's', 'Pernia's', 'Pop-Up Shop', 'PPUS' and their derivatives as part of its 2018 acquisition of the business. Qureshi has disputed this and said the licence was limited to the Pernia's Pop-Up Shop brand and did not allow Purple Style Labs to use 'Pernia' or 'Pernia's' independently.
Legal notice and revised communication According to the legal notice, the August 26 communication gave investors a broader impression of the rights transferred under the agreements than what was actually provided for. The notice also raised questions over the due diligence carried out before the communication was sent to investors.
Axis Capital subsequently issued a revised version of the IPO note and asked recipients to disregard the earlier communication. The revised note gave a narrower description of the rights and said Purple Style Labs can use 'Pernia' on a perpetual, sole, exclusive and worldwide basis only in connection with 'perniaspopupshop', 'Pernia's Pop Up Shop', 'PPUS' and related derivatives.
Purple Style Labs rejected the suggestion that it had used the name beyond the scope of its agreements. "As per the agreements and the licence arrangement, Purple Style Labs does not use 'Pernia' or 'Pernia's' as a standalone name," the company said.
Disclosure in the red herring prospectus (RHP) The issue had already been disclosed as a risk factor in Purple Style Labs' red herring prospectus. The company said it acquired ownership rights over intellectual property associated with Pernia's Pop-Up Shop under an asset purchase agreement and a licence agreement signed with Pernia Qureshi Consultancy in February 2018.
The red herring prospectus said the agreements gave the company the right to use 'Pernia's' as part of 'perniaspopupshop', 'Pernia's Pop Up Shop' and 'PPUS' and their derivatives. It also disclosed that the company received a notice from Pernia Qureshi and the seller in January 2026 seeking termination of the licence agreement over alleged breaches.
Purple Style Labs denied those allegations and maintained that the licence was not terminable under its terms, while also saying it had acquired the relevant intellectual property rights under the asset purchase agreement. The dispute over the use of the 'Pernia' name has now resurfaced as the company's public issue opens for subscription.