Reliance Industries’ retail unit, RRVL, said on Sunday that it has bought an 89 percent share in Purple Panda Fashions for Rs 950 crore. “Reliance Retail Ventures announced acquisition of 89 per cent equity stake in Purple Panda Fashions, which owns and operates the Clovia business, with an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment,” the company said in a statement issued here.
With this purchase, RRVL will add to its innerwear portfolio, which currently includes the Zivame and Amante brands, according to the company.
“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. We look forward to working with the strong management team at Clovia to take the business to greater heights,” Reliance Retail Ventures Director Isha Ambani said.
According to the press release, Purple Panda’s founding team and management will hold the remaining interest in the firm. Clovia is India’s premier bridge-to-premium D2C brand, democratising aspirational innerwear and loungewear for millennial women. It was founded in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary.
“Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence of the brand and bringing 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,” Vermani said.
Clovia’s financial adviser was BDA Partners, while legal guidance was Shardul Amarchand Mangaldas, and due diligence was supplied by Deloitte, Haskins & Sells LLP, according to the statement.
