Reliance Retail buys lingerie brand Clovia – Times of India


MUMBAI: Reliance Retail Ventures, an arm of Reliance Industries, has acquired 89% of Purple Panda Fashions, owner of Clovia intimate wear brand, for Rs 950 crore.
Reliance Retail has made the investment in the form of secondary share purchase and primary capital infusion. Clovia’s founding team and management will own the remaining 11% stake in the eight-year-old company. Clovia was started by Neha Kant, Pankaj Vermani and Suman Chowdhury and had elevated Soumya Kant and Abhay Batra to co-founders.
It had raised about $26 million (Rs 196 crore) before Reliance Retail’s investment, according to researcher Tracxn. Clovia is Reliance Retail’s third M&A in the innerwear segment after Zivame and Amante. It had acquired Zivame in February 2021 and nine months later snapped up Amante. It has the India franchise rights of Dutch lingerie brand Hunkemoller and sells Marks & Spencer’s innerwear through a JV with the British retailer.
Besides intimate wear, Clovia is into lounge wear and personal care products. It offers over 3,500 styles and follows an asset-light outsourced production model. “We will benefit from Reliance Retail’s scale and expertise, extending the presence of the brand and bring together stronger value proposition through quality, design and fashion in the intimate wear category,” said Clovia co-founder and CEO Vermani.


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