The founding team and management will own the balance stake in the company, RRVL said in a statement
The founding team and management will own the balance stake in the company, RRVL said in a statement
Reliance Retail Ventures Ltd (RRVL) on Sunday announced acquisition of 89% equity stake in Purple Panda Fashions Private Ltd, which owns and operates Clovia, with an investment of ₹950 crore through a combination of secondary stake purchase and primary investment.
The founding team and management will own the balance stake in the company, RRVL said in a statement.
Clovia is a direct to consumer (D2C) brand of innerwear and loungewear.
Its offerings include over 3,500 product styles.
Isha Ambani, Director, RRVL 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.”
Pankaj Vermani, Founder & CEO, Clovia, said, “ 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.”
RRVL in the innerwear segment had already acquired Zivame and Amante brands.
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