Reliance Retail Ventures Limited (RRVL) has acquired 89 per cent equity stake in Purple Panda Fashions Pvt Ltd, 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, RRVL said. With this acquisition, RRVL will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands, RRVL said.
“Launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, Clovia is India’s leading bridge-to-premium D2C brand democratizing aspirational innerwear and loungewear for millennial women,” RRVL said.
It commands a strong customer following in the intimate wear space and is known for its design led fresh styles and sharply-priced offerings to customers. Clovia’s offerings include over 3,500 product styles, RRVL said.