Reliance Retail snaps up lingerie brand Clovia

(Source: Clovia)

Reliance Retail is expanding its innerwear portfolio by acquiring an 89 per cent stake in Purple Panda Fashions, which is behind India’s D2C lingerie brand Clovia. 

The deal, which is worth about US$125 million, follows Reliance Retail’s acquisition of designer brand Abraham & Thakore earlier this month, part of an ongoing strategy to expand its influence in the fashion and lifestyle category. 

“With this acquisition, RRVL will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands,” the company said in a statement. 

Launch in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, Clovia offers more than 3500 product styles for millennial women, with feedback-led designs. Before Reliance Retail’s investment, the brand raised around $26 million in late 2020, bringing its value to about $43 million, according to insight platform Tracxn.

“Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence of the brand and bringing together a stronger value proposition,” said Pankaj Vermani, founder & CEO of Clovia. 

The Clovia partnership follows a series of acquisitions deals made by Reliance Retail and its sister company Reliance Brands in the past few months, including Rahul Mishra, Anamika Khanna and Manish Malhotra.

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