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Reliance Retail acquires 89% of Clovia, An Intimate Wear Brand.

On March 20, Reliance Retail Ventures Limited (RRVL) announced it had acquired 89 percent of Purple Panda Fashions Private Limited, which owns and operates the intimate wear brand Clovia.
RVRL invested Rs 950 crore in the company through a combination of a secondary stake purchase and a primary investment, according to an official statement.

Clvia was launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary as a bridge-to-premium D2C brand for women’s innerwear and loungewear.

Reliance acquired another brand to its portfolio in the innerwear segment, having previously acquired Zivame and Amante.
BDA Partners was Clovia’s exclusive financial advisor, while Shardul Amarchand Mangaldas served as legal counsel and Deloitte, Haskins & Sells LLP provided due diligence services.

Director, Reliance Retail Ventures Limited, Isha Ambani, spoke about the investment: “Reliance has always been at the forefront of enhancing consumer choices and providing best value propositions.”. We are pleased to add style, quality and design-led intimate wear brand ‘Clovia’ to our portfolio. We look forward to working with the strong management team at Clovia to take the business to greater heights.”

Clovia’s Founder & CEO Pankaj Vermani agreed with Ambani’s thoughts, noting that the brand is committed to providing world-class quality design and fashion in the intimate wear category.

“Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence obrand’s presence and bringingher a stronger value proposition through world-class quality, design, an,d fashion in the intimate wear category. We look forward to making Clovia the most loved brand in the category.”.

Reliance Retail has acquired two companies this month. Earlier this month, the company announced an investment in 30-year-old designer brand Abraham & Thakore (A&T).

In October, RRVL acquired a 52 per cent stake in Ritu Kumar’s firm Ritika Pvt Ltd for an undisclosed amount.

Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited and the holding company for all retail companies under the RIL Group. RRVL reported a consolidated turnover of Rs 1,57,629 crore ($21.6 billion) and a net profit of Rs 5,481 crore ($750 million) for March 31, 2021.

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