Reliance Retail Ventures Ltd (RRVL) stated on Sunday that it has purchased an 89 percent equity position in Purple Panda Fashions Private Ltd, which owns and manages Clovia, for 950 crores via a combination of secondary stake purchase and primary investment.
The remainder of the company will be owned by the founding team and management, according to RRVL.
Reliance’s new investment
Clovia is a D2C (direct to consumer) innerwear and loungewear company. It has approximately 3,500 product styles to choose from.
“We are happy to add elegance, quality, and design-led intimate apparel brand ‘Clovia’ to our portfolio,” said Isha Ambani, Director, RRVL. We are excited to work with Clovia’s outstanding management team to help the company reach new heights.” “Through this relationship, we will benefit from Reliance’s scale and retail knowledge, broadening the brand’s visibility and bringing together stronger value proposition through world-class quality, style, and fashion in the intimate wear sector,” said Pankaj Vermani, Clovia’s Founder and CEO. Clovia will be the most popular brand in our category, and we look forward to making that happen.”
RRVL has already bought the Zivame and Amante brands in the innerwear market.