Another addition in the long line of acquisitions by Reliance Retail, the retail arm of Reliance Industries, is the acquisition of 89% stake in the online intimate wear brand Clovia for Rs 950 crores.
Clovia, managed by parent company Purple Panda Fashions Pvt. Ltd., is an online lingerie retailer which is one of the fastest growing brands in India. The company started operations in 2013 and was founded by Pankaj Vermani, Neha Kantand and Suman Choudhary. It offers over 3500 product styles. The company has a strong and growing customer base which it serves D2C.
This is Reliance Retail’s third investment in an online lingerie brand, the first two being Zivame and Amante. This acquisition will further strengthen Reliance’s position in the inner wear segment.
Highlight by Aman Agarwal.