Reliance Retail Venture Limited acquired an 89% stake in women’s lingerie brand Clovia, owned and operated by Pankaj Panda fashion Private Limited. RRVL invested Rs. 950 Cr. in the company through a combination of secondary stake purchase and primary investment, as per the official statement.
Clovia is launched in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary as a D2C (direct-to-consumer) innerwear and loungewear brand.
Before this, Reliance acquired 54% for Rs. 983 Cr. stake in Addverb and 25.8% in Dunzo. With this acquisition, Reliance added another brand to its portfolio. The company has already acquired shares in Zivami and Amate ( innerwear brands).
Speaking on the investment, Isha Ambani, Director of Reliance Retail Venture Limited said, “Reliance has always been at the forefront of enhancing customers’ experience in terms of choices and quality. We are glad 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 great heights”.
In this regard, Pankaj Vermani, Founder & CEO of Clovia expressed his thoughts that the brand’s vision is to provide world-class quality, design, and fashion in the intimate wear category.
Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the brand’s presence and bringing together a stronger value proposition. We look forward to making Clovia the most loved and successful brand in the lingerie segment, added Isha Ambani.
This is Reliance’s second acquisition of this month. Earlier on March 1, the company announced an investment in 30-year old designer brand Abraham & Thakore (A&T).
Reliance Retail Venture Limited is a subsidiary brand of Reliance Industries Limited. RRVL reported a consolidated turnover of Rs 1,57,629 crore, almost $21.6 billion, and a net profit of Rs 5,481 crore, around $750 million, for FY21.