Purple Panda Fashions Private Limited, which owns and operates the Clovia company, was acquired by Reliance Retail Ventures Limited (RRVL) on Sunday for an 89 percent ownership investment. According to a statement from the firm, the share was bought with an investment of Rs 950 crore through a mix of secondary stake acquisition and primary investment. The remainder of the firm will be owned by the founding team and management.
Isha Ambani, Director, Reliance Retail Ventures Limited, said, “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.”
Pankaj Vermani, Founder and CEO of Clovia, said, “Clovia is excited to become a part of the Reliance Retail family. Through this partnership, we will benefit from Reliance’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. We look forward to making Clovia the most loved brand in this category.”
RRVL will strengthen its portfolio in the innerwear area with this acquisition, having already bought the Zivame and Amante brands. Clovia was advised by BDA Partners only on financial matters, while Shardul Amarchand Mangaldas served as legal advice and Deloitte, Haskins & Sells LLP offered due diligence services.
