Purple Panda Fashions Private Limited, which owns and manages the intimate clothing brand Clovia, has been bought by Reliance Retail Ventures Limited (RRVL).
According to an official release, RRVL invested Rs 950 crore in the company through a combination of secondary stock purchase and initial investment.
Clovia is a bridge-to-premium D2C brand for women’s innerwear and loungewear, founded in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary. Reliance added another brand to its innerwear portfolio with this transaction, following the acquisitions of Zivame and Amante.
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Speaking on the investment, Isha Ambani, Director, Reliance Retail Ventures Limited, said, “Reliance has always been at the forefront of enhancing choices and offering 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.”
Clovia was advised by BDA Partners only on financial matters, while Shardul Amarchand Mangaldas served as legal advisor and Deloitte, Haskins & Sells LLP offered due diligence services.
Posted by Next Big Brand on Sunday, March 20, 2022
She stated, “Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence of the brand and bring 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”.
Clovia’s Founder and CEO, Pankaj Vermani, echoed Ambani’s sentiments, stating that the company’s mission is to give world-class quality design and fashion in the intimate wear market.
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Reliance Retail has made two acquisitions this month. On March 1, the business announced a majority share purchase in Abraham & Thakore (A&T), a 30-year-old designer brand. RRVL is a subsidiary of Reliance Industries Limited that serves as the holding company for the RIL Group’s retail businesses. RRVL recorded a net profit of Rs 5,481 crore ($750 million) on a consolidated turnover of Rs 1,57,629 crore ($21.6 billion) for the year ended March 31, 2021.
