Reliance Retail Ventures acquires 89% stake in Clovia for Rs 950 crore

Reliance Retail Ventures (RRVL) has acquired 89 per cent equity stake in Purple Panda Fashions, which owns and operates the Clovia business, an industry leader in the bridge-to-premium intimate wear category, 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, which include Pankaj Vermani, Neha Kant, and Suman Choudhary, who launched Clovia in 2013.

Speaking on the investment, Isha Ambani, director, RRVL, was quoted as saying in the release, “Reliance has always been at the forefront of enhancing choices and offering best-value