With an investment of Rs 950 crore, Reliance Retail Ventures Limited (RRVL) acquired an 89 % equity position in Purple Panda Fashions Private Limited, which owns and operates the Clovia company, through a combination of secondary stake purchase and primary investment. The remaining interest in the company will be owned by the founding team and management.
Clovia is India’s leading bridge-to-premium D2C brand, democratizing aspirational innerwear and loungewear for millennial women. It was founded in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary. It has a loyal customer base in the intimate apparel market and is known for its design-driven fresh trends and competitively priced offers.
“Reliance has always been at the forefront of enhancing choices and offering best value proposition to consumers. 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,”Isha Ambani, Director, Reliance Retail Ventures Limited, said.
Clovia’s product line includes over 3,500 + styles, all of which are based on customer feedback and backed by the company’s own “Clovia Curve Fit Test.” Clovia uses an asset-light outsourced production strategy and has a strong in-house design process to offer trending designs and new styles.
“Clovia is excited to become a part of the Reliance Retail family. Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence of the brand and bring together stronger value proposition through world class quality, design and fashion in the intimate wear category. We look forward to making Clovia the most loved brand in this category,”Pankaj Vermani, Founder & CEO of Clovia, said.
RRVL will strengthen its portfolio in the innerwear area with this acquisition, having already bought the Zivame and Amante brands. Clovia was advised by BDA Partners only on financial matters, while Shardul Amarchand Mangaldas served as legal advice and Deloitte, Haskins & Sells LLP offered due diligence services.