Reliance Retail Ventures Limited (RRVL) has announced that it is acquiring an 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business.
It plans to make 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.
Clovia was launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, and is India’s leading bridge-to-premium D2C brand democratizing aspirational innerwear and loungewear for millennials women. It has a very strong customer following in the intimate wear space and is known for its design-led fresh styles and sharply-priced offerings to customers.
Clovia offers 3,500+ product styles, based on its feedback-led design approach and backed by its proprietary “Clovia Curve Fit Test”.
With this acquisition, RRVL has further strengthened its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.