RRVL is India’s largest retail chain and owns brands across various segments.
New Delhi:
Reliance Industries subsidiary, Reliance Retail Ventures (RRVL), has acquired a majority 89 per cent equity stake in Purple Panda Fashions Pvt Ltd, a company statement showed. Purple Panda operates the online lingerie brand Clovia. With this, Reliance Retail will further expand its reach in the innerwear segment. The RIL’s retail arm has already acquired Zivame and Amante brands in the past.
Here’s Your 5-Point Cheat-Sheet To This Story:
-
The company statement added that the founding team and management would own the balance stake. Clovia was launched in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary.
-
In November last year, Reliance Retail had acquired the retail lingerie businesses under the Amante umbrella brand from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings. It had also bought a minority stake in Actoserba Active Wholesale, which operates online lingerie store Zivame.
-
RRVL had also acquired a 52 per cent stake in veteran couturier Ritu Kumar’s firm Ritika Pvt Ltd in October 2021. Apart from the mentioned acquisitions, Reliance Brands had picked up a 40 per cent minority stake in renowned fashion designer Manish Malhotra’s MM Styles Pvt Ltd.
-
RRVL Director Isha Ambani said, “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.”
-
RRVL is India’s largest retail chain and owns brands across various segments. Clovia Founder and CEO Pankaj Vermani said, “Clovia is excited to become a part of the Reliance Retail family. We look forward to making Clovia the most loved brand in this category.”
For all the latest business News Click Here
