Reliance Retail Ventures Limited (RRVL), on Monday, announced the acquisition of 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business. Reliance would be investing 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, the statement read.
Notably, Clovia is India’s leading bridge-to-premium D2C innerwear and loungewear brand that reported a market share of Rs 32,164 crore in 2020 (according to Statista). Reportedly, Reliance Retail is expanding its portfolio in the innerwear segment through this acquisition, having already acquired Zivame and Amante brands.
Speaking on the investment, Isha Ambani, Director, Reliance Retail Ventures Limited, said, “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.”
The founding members of Clovia, Pankaj Vermani, Neha Kant & Suman Choudhary, launched the lingerie brand in 2013. Speaking about the acquisition, Pankaj Vermani, Founder & CEO of Clovia, 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.”
Reliance Retail Ventures Ltd (“Reliance Retail”) is a subsidiary of Reliance Industries Limited (“Reliance”). Reliance Retail operates Reliance Digital, Reliance Fresh and other retail businesses in India. Reliance Retail’s mission is to transform the Indian retail landscape through innovative formats, world-class merchandise and superior service. Reliance Retail plans to open 3,000 stores across India over the next three years. Reliance Retail currently operates 1,400 stores in over 200 cities.
Reliance Retail is committed to providing an exceptional shopping experience for its customers. Reliance Retail’s state-of-the-art stores offer a wide range of products and services at competitive prices. Reliance Retail’s products include consumer electronics, home appliances, apparel, footwear and accessories, food and grocery, health and beauty products, and stationery. Reliance Retail also offers a variety of services such as pre-paid phone cards, money transfers, bill payments, and insurance.
