The founding team and management will own the remaining interest in the company, RRVL said in a statement
The founding team and management will own the remaining interest in the company, RRVL said in a statement
Reliance Retail Ventures Ltd (RRVL) announced on Sunday the acquisition of an 89% stake in Purple Panda Fashions Private Ltd, which owns and operates Clovia, for an investment of ₹950 crore through a combination of secondary share purchase and primary investment.
The founding team and management will own the remaining interest in the company, RRVL said in a statement.
Clovia is a direct-to-consumer (D2C) lingerie and loungewear brand.
The range includes over 3,500 product styles.
Isha Ambani, Director of RRVL said: “We are delighted to add the stylish, high quality and design-led lingerie brand ‘Clovia’ to our portfolio. We look forward to working with Clovia’s strong management team to take the company to new heights.”
Pankaj Vermani, Founder and CEO of Clovia said, “Through this partnership, we will leverage Reliance’s scale and retail expertise, expand the brand’s footprint and bring together a stronger value proposition through premium quality, design and fashion in the intimate apparel category. We look forward to making Clovia the most popular brand in this category.”
RRVL in the innerwear segment had already taken over the Zivame and Amante brands.
