Reliance Retail Buys 89% Stake In Lingerie Retailer Clovia

Reliance Retail buys 89% stake in lingerie retailer Clovia, a deal worth Rs 950 crore.

Reliance Retail Ventures Limited (RRVL) on Sunday announced the acquisition of an 89 percent equity stake in lingerie retailer Clovia with an investment of Rs 950 crore.

RRVL has acquired an 89 percent equity stake in Clovia-owned Purple Panda Fashions Pvt Ltd, a joint statement said.

It states that the founding team and management will own the remaining stake in the company. Clovia was started in 2013 by Pankaj Varmani, Neha Kant, and Suman Choudhary.

Clovia is the leading bridge-to-premium D2C brand in the innerwear and loungewear segment in India. It has a huge clientele in the intimate wear space. It is known for its design, fresh styling, and prices.

With this acquisition, Reliance Retail Ventures Limited (RRVL) will further strengthen its portfolio in the underwear segment.

It is worth noting that the company has earlier acquired Jivam and Amante brands.

Reliance Retail buys 89% stake: In such a situation, now with 89 percent acquisition in Clovia, the company is going to be stronger in this segment.

Commenting on the deal, Isha Ambani, Director, RRVL said, “Reliance has always been at the forefront of expanding choices and offering the best value to consumers.”

“We are delighted to add Clovia, a lingerie brand characterized by style, quality, and design, to our portfolio.”

“We look forward to working with Clovia’s strong management team to take the business to greater heights.” RRVL, a subsidiary of oil-to-chemical conglomerate Reliance Industries Ltd.

Pankaj Virmani, Founder, and CEO, Clovia said, “Clovia is excited to be a part of the Reliance Retail family.”

“Through this partnership, we will benefit from Reliance’s large network and retail expertise, expand brand presence and bring strong value proposition through world-class quality, design, and fashion in the intimate wear segment.”