Reliance Retail Ventures acquires majority stake in Clovia
Mumbai, Mar 20 (UNI): Reliance Retail Ventures Limited (RRVL) on Sunday announced acquisition of 89 per cent equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business.
The stake has been acquired with an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment, a statement from the company said. The founding team and management will own the balance stake in the company.
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.”
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.”
With this acquisition, RRVL will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands. BDA Partners acted as exclusive financial advisor to Clovia, while Shardul Amarchand Mangaldas acted as legal counsel and Deloitte, Haskins & Sells LLP provided due diligence services for the transaction.