Reliance Retail Ventures Limited (RRVL) announced acquisition of 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business, with an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment. The Founding team and management will own the balance stake in the Company. With this, Reliance Retail will further expand its reach in the innerwear segment. The RIL’s retail arm has already acquired Zivame and Amante brands in the past.
We look forward to working with the strong management team at Clovia to take the business to greater heights.” Clovia Founder & CEO Pankaj Vermani said, “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.”
Last year, in November RRVL acquired the retail lingerie businesses under the ‘amante’ umbrella brand from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings, for an undisclosed amount.
Reliance retail acquires 89% stake in online lingerie retailer Clovia
