Home Big Grid Reliance Retail acquires 89% stakes in D2C brand Clovia

Reliance Retail acquires 89% stakes in D2C brand Clovia

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Reliance Retail Ventures Limited announced the acquisition of an 89% equity stake in Clovia, owned and operated by Purple Panda Fashions. Reliance Retail will invest Rs. 950 crore via a combination of secondary stake purchase and primary investment, an official statement highlighted. 

Through the acquisition, RIL’s retail arm seeks to further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.

Isha Ambani, Director, Reliance Retail Ventures Limited, commented on this acquisition and 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.”

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 bringing together a 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.”

Clovia launched by Pankaj Vermani, Neha Kant & Suman Choudhary in 2013. The brand has emerged as India’s leading bridge-to-premium D2C brand democratizing aspirational innerwear and loungewear for millennial women.