MUMBAI, MARCH 20, 2022
Reliance Industries Ltd (RIL) backed Retail Retail Ventures Ltd (RRVL) on Sunday said it acquired a majority stake in Purple Panda Fashions Private Limited which owns and operates the women’s lifestyle brand Clovia for Rs 950 crore.
RRVL announced the acquisition of 89 percent equity stake in Purple Panda Fashions Private Limited with an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment, the company said in a statement. The founding team and management will own the balance stake in the Company.
Launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, Clovia is India’s leading bridge-to-premium direct-to-customer brand that manufactures aspirational innerwear and loungewear for women. 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 3,500+ product styles, based on its feedback led design approach and backed by its proprietary “Clovia Curve Fit Test”. Clovia has a strong in-house design process to offer trending designs and innovative styles, while it follows an asset-light outsourced production model.
Speaking on the investment, Isha Ambani, Director, Reliance Retail Ventures Limited, 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 & CEO of Clovia, said, “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. We look forward to making Clovia the most loved brand in this category.”
With this acquisition, RRVL will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.