Reliance Retail buys nearly 90% stakes in Clovia fashion business

The investment was worth INR950m.

Reliance Retail Ventures Limited (RRVL) has acquired 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business.

The company invested some INR950m to own majority of Clovia, which is India’s leading brand of innerwear and loungewear for millennial women.

The acquisition, which followed its acquisition of Zivame and Amante, is expected to further strengthen RRVL’s portfolio in the innerwear segment

“Reliance has always been at the forefront of enhancing choices and offering best value proposition to consumers,” Isha Ambani, Director, Reliance Retail Ventures Limited, said.

“We are pleased to add style, quality and design-led intimate wear brand ‘Clovia’ to our portfolio.”

Clovia offers more than 3,500 product styles and has a strong in-house design process to keep up with trending designs and innovative styles.

“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,” Pankaj Vermani, Founder & CEO of Clovia, said.

According to RRVL, BDA Partners acted as exclusive financial advisor to Clovia, whilst Shardul Amarchand Mangaldas acted as legal counsel. Deloitte, Haskins & Sells LLP provided due diligence services for the transaction.