Reliance Retail acquires 89% stake in lingerie vendor Clovia for Rs 950 cr

New Delhi, Mar 20 (PTI) Reliance Retail Ventures Ltd (RRVL) on Sunday announced acquisition of 89 per cent equity stake in lingerie vendor Clovia with an investment of Rs 950 crore.

A joint statement said that RRVL has acquired 89 per cent equity stake in Purple Panda Fashions Pvt Ltd, which is owned by Clovia.

These acquisitions have been made through secondary stake purchase and primary investment.

The founding team and management will hold the remaining stake in the company, the statement said.

With this acquisition, RRVL will further strengthen its portfolio in the underwear segment. The company has earlier acquired Jivam and Amante brands.

The Clovia brand was started in 2013 by Pankaj Varmani, Neha Kant and Suman Choudhary.

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.”

Pankaj Varmani, 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, and expand our brand presence.”

RRVL is a subsidiary of Reliance Industries Limited.