Reliance Retail Buys Majority Stake In Clovia For Rs 950 crore - BloombergQuint
Reliance Retail Ventures Ltd. has acquired a majority stake in women's intimate wear brand Clovia as the Mukesh Ambani-owned conglomerate's unit aims to become a one-stop shop for everything from apparel to pharmacy and furniture. Reliance Retail has bought an 89% stake in Purple Panda Fashions Pvt., which owns and operates Clovia, for Rs 950 crore, the company said in a media statement late on Sunday. The deal includes a combination of secondary stake purchase and primary investment. The balance stake in the firm, it said, will be owned by the founding team and management. Eight-year-old Clovia sells more than 3,500 products across innerwear and loungewear categories for millennial women through its own direct-to-customer digital platforms, marketplace platforms, exclusive brand outlets, and multi-brand retail outlets. "With this acquisition, Reliance Retail will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands,...