Reliance Retail Ventures acquires majority stake in Clovia

By

Maverick Martins

Published
Mar 21, 2022

Reliance Retail Ventures Limited (RRVL) has acquired an 89 percent equity stake in Purple Panda Fashions Private Limited-owned lingerie and personal care brand Clovia.

With this acquisition, RRVL has strengthened its brand portfolio in the innerwear segment, having earlier acquired Clovia’s competitors Zivame and Amante.

RRVL has invested Rs 950 crore ($125 million) for the majority stake while the founding team of Clovia will be the minority stakeholders in the company.

Commenting on the acquisition, Isha Ambani, director of Reliance Retail Ventures Limited in a statement 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 and CEO of Clovia added, “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 bring together stronger value proposition through world class quality, design, and fashion in the intimate wear category.”

Launched in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary, Clovia is India’s premier direct-to-consumer lifestyle and personal care brand for the urban millennial woman. The brand retails through its dedicated e-commerce website and exclusive brand outlets across India as well as on multi-brand online platforms and in other large format retail outlets.