Reliance Retail Ventures acquires majority stake in Clovia, women's inner wear D2C brand

FPJ Web DeskUpdated: Sunday, March 20, 2022, 08:33 PM IST
article-image
The Founding team and management will own the balance stake in the Company. / Representative image |

Reliance Retail Ventures Limited (RRVL) announced acquisition of 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business, with 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. Launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, Clovia is a bridge-to-premium D2C brand democratizing aspirational innerwear and loungewear for millennial 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 inhouse 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. BDA Partners acted as exclusive financial advisor to Clovia, while Shardul Amarchand Mangaldas acted as legal counsel and Deloitte, Haskins & Sells LLP provided due diligence services for the transaction.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Jammu: Six of family found dead at home under 'suspicious circumstances'

Jammu: Six of family found dead at home under 'suspicious circumstances'

Ghulam Nabi Azad quits hours after being named as Congress' J&K campaign committee head

Ghulam Nabi Azad quits hours after being named as Congress' J&K campaign committee head

Mumbai updates: Mahanagar gas ltd cuts CNG, PNG prices

Mumbai updates: Mahanagar gas  ltd cuts CNG, PNG prices

Human - Elephant conflict: ‘Youth can solve problem of co-existence’

Human - Elephant conflict: ‘Youth can solve problem of co-existence’

Mumbai's AQI touches its cleanest best of 10 for the second time

Mumbai's AQI touches its cleanest best of 10 for the second time
epaper
Do you wish to receive daily Epaper on your WhatsApp for FREE?
NO
Yes