Reliance Retail acquires 89% stake in lingerie brand Clovia

Reliance Industries-owned Reliance Retail has acquired an 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business, for Rs 950 crore through a combination of secondary stake purchase and primary investment.

With this acquisition, RRVL says it will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.

Launched in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary, Noida-based Clovia (formerly MoodsOfCloe) is an online lingerie shopping platform that designs, manufactures, and sells fashion lingerie, innerwear, nightwear, and shapewear.

“Reliance has always been at the forefront of enhancing choices and offering the best value proposition to consumers. We are pleased to add style, quality, and design-led intimate wear brand ‘Clovia’ to our portfolio," said Isha Ambani, Director, Reliance Retail Ventures Limited (RRVL).

Clovia’s offerings include 3,500+ product styles, based on its feedback-led design approach and backed by its proprietary “Clovia Curve Fit Test”.

"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," said Pankaj Vermani, Co-founder & CEO of Clovia.

According to the company's statement, BDA Partners acted as exclusive financial advisor to Clovia, while Shardul Amarchand Mangaldas acted as legal counsel and Deloitte, Haskins & Sells LLP provided due diligence services for the transaction.

So far, Clovia has raised funds from venture capital firms such as She Capital, IvyCap Ventures, Mountain Partners, AT Capital, Golden Birch Investments, and Singularity Ventures.

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