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Reliance Retail Ventures Limited (RRVL), backed by Reliance Industries (RIL) on Sunday said that it has acquired an 89 per cent equity stake in Purple Panda Fashions Private Limited, which owns and operates Clovia.
Reliance Retail will invest Rs 950 crore via a combination of secondary stake purchase and primary investment.
Clovia, a bridge-to-premium D2C brand for women’s innerwear and loungewear was launched by Pankaj Vermani, Neha Kant & Suman Choudhary.
With this, Reliance adds another brand to its portfolio in the innerwear segment, having already acquired Zivame and Amante brands
“Reliance has always been at the forefront of enhancing choices and offering best value proposition to consumers. We are pleased to add style, quality and design-led intimate wear brand Clovia’ to our portfolio. We look forward to working with the strong management team at Clovia to take the business to greater heights,” said Isha Ambani, Director, RRVL.
“Clovia is excited to become a part of the Reliance Retail family. Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence of the brand and bring together stronger value proposition through world class quality, design and fashion in the intimate wear category. We look forward to making Clovia the most loved brand in this category,” said Clovia Founder & CEO Pankaj Vermani.
In October, RRVL acquired a 52 per cent stake in Ritu Kumar’s firm Ritika Pvt Ltd for an undisclosed amount.
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