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Reliance Retail buys share of 89% in Clovia, an intimate wear company for Rs 950 cr

Reliance Retail buys share

Reliance Retail buys shares in Clovia

Reliance Retail buys share – Reliance Retail Ventures Ltd announced on Sunday that it has paid Rs 950 crore for an 89 percent share in Purple Panda Fashions Pvt Ltd, which owns and manages the innerwear brand Clovia. 
 
The Rs 950 crore transaction price includes the purchase of a secondary share as well as a primary investment. The remainder of the company would be owned by the founding team and management team, according to Reliance Industries Ltd (RILretail )’s division. 
 
Clovia is India’s leading bridge-to-premium D2C brand, democratising aspirational innerwear and loungewear for millennial women, according to Reliance Retail. It was founded in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary. 
 
It said that the company has a strong consumer following in the intimate apparel area and is known for its design-driven innovative styles and competitively priced offerings.

Clovia brand

Clovia is India’s leading bridge-to-premium D2C brand, democratising aspirational innerwear and loungewear for millennial women, according to Reliance Retail. It was founded in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary. 
 
It said that the company has a strong consumer following in the intimate apparel area and is known for its design-driven innovative styles and competitively priced offerings. 
 
Clovia has over 3,500 product styles to choose from. It also uses an asset-light outsourced manufacturing strategy and has a strong in-house design process to provide trendy designs and new styles. 
 
Clovia creates, manufactures, and distributes innerwear, activewear, and personal care goods through its own D2C digital platforms, marketplaces, exclusive brand outlets, and multi-brand retail outlets.

Reliance Retail buys share

Reliance Retail claims that the acquisition will strengthen its innerwear portfolio, which currently includes the Zivame and Amante brands. 
 
Isha Ambani, Reliance Retail Director, said of the acquisition, “We’re excited to welcome ‘Clovia,’ a stylish, high-quality, and design-driven intimate wear brand, to our portfolio. We are excited to work with Clovia’s outstanding management team to help the company reach new heights.” 
 
Clovia is thrilled to be joining the Reliance Retail team. Clovia CEO Vermani said, “We will benefit from Reliance’s scale and retail knowledge through this agreement, broadening the brand’s visibility and bringing together a greater value offer through world class quality, style, and fashion in the intimate apparel sector.” 

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