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By Malvika Gurung
Investing.com — The retail arm of the oil-to-telecom conglomerate Reliance Industries (NS:), Reliance Retail Ventures Ltd (RRVL) has acquired an 89% equity stake in the full-stack lingerie brand Clovia, as announced by the company on Sunday.
Reliance Retail will invest Rs 950 crore in the operator company of the innerwear brand, Purple Panda Fashions, through a combination of primary investment and secondary stake purchase, as per a joint statement.
Clovia, launched in 2013, is a premium D2C innerwear brand for women and holds a strong command over the intimate wear market among customers.
The statement added that the balance stake in Purple Panda will be owned by the founding team and management.
Through this acquisition, Reliance Retail has further bolstered its portfolio in the innerwear space, as it has already acquired stakes in peer companies Zivame and the Sri Lanka-based Amante.
Besides, the partnership is also beneficial for Clovia, as it will gain from RIL’s scale and retail expertise, extending the presence of the brand and bringing together a stronger value proposition through world-class quality, design and fashion in the intimate wear category, it added.
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