Reliance Retail has acquired the innerwear and loungewear D2C brand.
Reliance Retail, controlled by Mukesh Ambani, announced on Sunday evening that it is buying an 89 percent stake in direct-to-consumer brand Clovia for $125 million, as the country’s largest retailer tries to expand its apparel and innerwear offerings.
Clovia, an eight-year-old “bridge-to-premium D2C brand” that sells over 3,500 goods for millennial women in the innerwear and loungewear categories, had collected around $25.8 million previous to the Sunday announcement, according to insight platform Tracxn. Purple Panda Fashions, Clovia’s parent company, was valued at over $43 million in its most recent investment round in December 2020.
Clovia is excited to become a part of the Reliance Retail family,” said Pankaj Vermani, founder and chief executive of Clovia, in a statement.
“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 $125 million investment includes some secondary equity purchases, according to Reliance Retail, which has recently bought online lingerie brands Zivame and Amante.
“Reliance has always been at the forefront of enhancing choices and offering best value proposition to consumers,” said Isha Ambani, director of Reliance Retail Ventures, in a statement.
“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,” she added.