Reliance Brands has bought Unilazer Ventures’ stake in leading lingerie retailer Zivame and is negotiating with other partners to take full control of the firm. The company plans to pay about Rs 1,200 crore for acquiring Zivame. Its previous investors Zodius Capital and Malaysian sovereign fund Khazanah Nasional Berhad will exit the firm
Zodius is the largest shareholder in Zivame with about 60 per cent stake while Khazanah Nasional Bhd owns about 25 per cent. Zivame holds substantial market share in the premium lingerie category but its expansion plans and fundraising initiatives have been hit by the COVID-induced lockdown. The brand had planned to raise $50 million by the end of last year besides expanding its number of stores to 60 by FY20. It posted revenue of Rs 140 crore in FY19 and hoped to cross Rs 250 crore in revenue in FY20.