RRVL acquires 89% equity stake in Purple Panda Fashions Private Limited,
which owns and operates the Clovia business

Reliance Retail Ventures Limited (RRVL) announced acquisition of 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia business, with an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment. The Founding team and management will own the balance stake in the Company.

Launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, Clovia is India’s
leading bridge-to-premium D2C brand democratizing aspirational innerwear and loungewear for millennial women. It commands a strong customer following in the intimate wear space and is known for its design led fresh styles and sharply-priced offerings to customers.

Clovia’s offerings include 3,500+ product styles, based on its feedback led design approach and backed by its proprietary “Clovia Curve Fit Test”. Clovia has a strong inhouse design process to offer trending designs and innovative styles, while it follows an asset-light outsourced production model.

With this acquisition, RRVL will further strengthen its portfolio in the innerwear segment,
having already acquired Zivame and Amante brands.