Reliance Retail picks up 89% stake in intimate wear brand Clovia

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Clovia, a bridge-to-premium D2C brand for women's innerwear and loungewear, is owned and operated by Purple Panda Fashions Private Limited.

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Reliance Retail Ventures Limited (RRVL) has acquired 89 percent equity stake in Purple Panda Fashions Private Limited, which owns and operates intimate wear brand Clovia.

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RRVL made an investment of Rs 950 crore in the company through a combination of secondary stake purchase and primary investment, according to an official statement.

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Clovia, launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, is a bridge-to-premium D2C brand for women's innerwear and loungewear.

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With this acquisition, Reliance added another brand to its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.

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