Home Business Reliance Retail acquires 89% stake in Clovia operator Purple Panda for Rs 950 cr

Reliance Retail acquires 89% stake in Clovia operator Purple Panda for Rs 950 cr

Reliance Retail acquires 89% stake in Clovia operator Purple Panda for Rs 950 cr

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Reliance Retail Ventures Ltd on Sunday stated it has acquired 89 per cent fairness stake in Purple Panda Fashions Pvt Ltd, which owns and operates innerwear model Clovia, for Rs 950 crore.

The acquisition price of Rs 950 crore contains secondary stake buy and first funding. The founding staff and administration staff will personal the stability stake within the firm, the retail subsidiary of Reliance Industries Ltd (RIL) stated.

“Launched in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary, Clovia is India’s main bridge-to-premium D2C model democratising aspirational innerwear and loungewear for millennial girls,” Reliance Retail stated in a launch.

The corporate instructions a robust buyer following within the intimate put on house and is understood for its design led recent types and sharply-priced choices to prospects, it added.

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Clovia’s choices embrace 3,500+ product types. It additionally has a robust inhouse design course of to supply trending designs and modern types, whereas it follows an asset-light outsourced manufacturing mannequin.

Clovia designs, manufactures and sells innerwear, activewear, and private care merchandise via personal D2C digital platforms, market platforms, unique model shops, and multi-brand stores.

The acquisition, Reliance Retail stated, will additional strengthen its portfolio within the innerwear section, having already acquired Zivame and Amante manufacturers. 

Commenting on the acquisition, Reliance Retail Director Isha Ambani stated, “We’re happy so as to add model, high quality and design-led intimate put on model ‘Clovia’ to our portfolio. We look ahead to working with the sturdy administration staff at Clovia to take the enterprise to better heights.” 

“Clovia is happy to turn out to be part of the Reliance Retail household. By this partnership, we are going to profit from Reliance’s scale and retail experience, extending the presence of the model and convey collectively stronger worth proposition via world class high quality, design and style within the intimate put on class,” Clovia CEO Vermani stated.

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