Clovia has sold 89% stake to Reliance Retail Ventures Ltd (RRVL). This was made public on Sunday by RRVL. Reliance said it has acquired an 89% stake for ₹950 crore in the Purple Panda Fashions Pvt. Ltd, which owns women innerwear and lounge wear brand Clovia.
The transaction consists a mix of secondary stake purchase and primary investment. Clovia’s founding team and management will own the remaining stake, the Reliance Industries Ltd unit said in a statement.
The Clovia deal is the latest move by RRVL to gain a stronger foothold in the organized fashion market and it follows its investments in a slew of homegrown labels including Abraham & Thakore and Anamika Khanna. RRVL also owns women innerwear brands Zivame and Amante.
Clovia Divests Majority Stake to Reliance Retail for Rs. 950Cr
“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,” said Isha Ambani, director, RRVL.
Clovia was launched in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary. Its offerings include over 3,500 product styles. Clovia has an in-house design team and follows an asset-light outsourced production model.
Clovia co-founder and chief executive officer Vermani said the brand will benefit from Reliance’s scale and retail expertise.