Reliance Retail Ventures Acquires 89% Stake in Clovia

Reliance Retail Ventures (RRVL) has acquired an 89% stake in Purple Panda Fashions, which owns and operates the Clovia business, an industry leader in the bridge-to-premium intimate wear category, and has invested Rs 950 crore through a combination of secondary-stake purchase and primary investment.

Regarding the investment, Isha Ambani, director of RRVL, said in a press release, "Reliance has been at the forefront of enhancing choices and offering the best value proposition to consumers. We are pleased to add style, quality, and design-led intimate wear brands to our portfolio. We look forward to working with the strong management team at Clovia to take the business to greater heights."

BDA Partners acted as a financial advisor to Clovia while Shardul Amarchand Mangaldas as legal counsel and Deloitte Haskins & Sells LLP provided because of services for the transaction, RRVL said in the release.

Pankaj Verma, Founder and Chief Executive Officer of Clovia, said that through this partnership, we leverage our reliance scale and retail expertise to expand our brand footprint and bring together stronger value propositions through superior quality, design and fashion in our intimate apparel category.