22 March 2022, Mumbai:
Reliance Retail Ventures (RRVL) has acquired an 89 percent equity stake in Purple Panda Fashions, which owns and operates the Clovia business.
The stake sale was worth 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, Clovia is India’s leading bridge-to-premium D2C brand that democratizes aspirational innerwear and loungewear for millennial women. Known for fresh designs and sharply priced offerings, the brand has a strong customer base in the intimate wear space.
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It offers over 3,500 product styles, based on its feedback-led design approach and backed by its proprietary ‘Clovia Curve Fit Test’.
Its strong in-house design process enables it to offer trending designs and innovative styles while following an asset-light outsourced production model.
Isha Ambani, Director, Reliance Retail Ventures, says, working with the strong management team at Clovia will help RRVL take the business to greater heights. Pankaj Vermani, Founder & CEO, Clovia adds, Clovia will benefit from Reliance's scale and retail expertise, extending the presence of the brand and bringing together a stronger value proposition through world-class quality, design, and fashion in the intimate wear category.
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With this acquisition, RRVL will strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante. 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.
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