Reliance Retail acquires majority stake in innerwear model Clovia
Reliance Retail Ventures Ltd on Sunday introduced that it has acquired an 89 per cent stake in Purple Panda Fashions, which operates Indian innerwear model Clovia. Launched within the yr 2013, Clovia is India’s main innerwear and loungewear for girls. The acquisition entails an funding of Rs 950 crore via a mix of secondary stake buy and first funding.
The remaining stake within the firm will stay with the founding crew and administration of the corporate, an announcement mentioned. Director Isha Ambani mentioned, “We’re delighted so as to add Clovia, a method, high quality and design primarily based intimate put on model to our portfolio. We sit up for working with the sturdy administration crew at Clovia to take the enterprise to larger heights. to be carried.”
Pankaj Varmani, Founder and CEO, Clovia, said, “Through this partnership, we will benefit from Reliance’s scale and retail expertise, expand the brand’s presence and create a niche in the intimate wear category through world-class quality, design and fashion. Will bring strong value proposition.”
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