This study focuses on how positive emotions form when consumers impulsively purchase fashion products. Examined are the novelty seeking situations and the fashion knowledge of consumers as influential factors that affect positive impulsive shopping emotions along with the mediating role of the perceived risk of consumers for purchase and non-purchase. An online survey was conducted for the empirical research with a questionnaire about the fashion impulsive purchases of a product within the last 2 months. A total of 555 surveys were collected from impulsive female buyers and 404 complete responses were analyzed. The results find that the perceived risk is identified into purchase and non-purchase perspectives. Purchase perceived risk influenced negatively on positive emotions of impulsive purchase and non-purchase perceived risk positively. The perceived risk for non-purchase versus purchase increased by the more fashion knowledge consumers had and the more they shopped as novelty seeking. The results imply that non-purchase perceived risk importantly mediated between the influential factors and positive affect for impulsive purchase. Based on the findings, this study proposed some marketing suggestions and thoughts about effective purchase stimulation.