Reliance Retail Ventures: Acquires Majority Equity Stake In Clovia
21 March 2022, Mumbai:
CLOVIA, POSITIONED AS IN "THE BRIDGE-TO-PREMIUM INTIMATE WEAR CATEGORY".
RRVL acquires 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business Founding team to continue to drive the business in the next phase of growth.
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.
ALSO READ Clovia forays into new Tier II and III markets
Launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, Clovia is India’s leading bridge-to-premium D2C brand democratizing aspirational innerwear and loungewear for millennial women.
Clovia’s offerings include 3,500+ product styles, based on its feedback led design approach and backed by its proprietary “Clovia Curve Fit Test”.
RELATED NEWS Surbhi Chandana to promote Clovia’s new collection
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.
RELATED ARTICLE Clovia, lingerie retailer: PE funds eye at majority stake
Pankaj Vermani, Founder & CEO of Clovia, said, “Clovia is excited to become a part of the Reliance Retail family.
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.
Join our community on Linkedin
