Mukesh Ambani’s Reliance Industries has been expanding rapidly across categories, from apparel to grocery delivery to pharmacy to others. It has made breakthroughs in the innerwear segment with the acquisition of a minority stake in lingerie brand Vivame (2020) and a 100% stake in the Amante brand (2021). Now, another name is being added to the list.
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, has confirmed that it has acquired an equity stake of 89% in Purple Panda Fashions Private Limited, parent of popular online lingerie retailers Clovia. This was possible through a combination of primary investment and secondary share sale, the total of which came at ₹950 crores.
The remaining 11% will remain with Clovia’s founding team and management.
Clovia sells over 3,500 products across innerwear and loungewear categories for millennial women through its D2C digital platforms, marketplace platforms, exclusive brand outlets, and multi-brand retail outlets. Another exciting factor is that it has its in-house design team to offer trending designs and innovative styles, and it follows an asset-light outsourced production model.
“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,” said Isha Ambani, director, of Reliance Retail Ventures.
This arrangement will benefit Clovia, which was founded by Pankaj Vermani, Neha Kant, and Suman Choudhary. This will help the company utilize Reliance’s scale and expertise in the retail sector, and extend the presence of the brand. Additionally, this will help them bring together a stronger value proposition through world-class quality, design, and fashion in the intimate wear category.
The acquisition also comes after RRVL had acquired a 25% stake in quick commerce startup Dunzo after leading a $240 million funding round.