Reliance Retail Ventures Ltd. has acquired a majority stake in Clovia, the intimate apparel brand for women.

Reliance Retail has acquired an 89% stake in Purple Panda Fashions Pvt., which owns and operates Clovia, for Rs 950 crore, the company said in a media statement late Sunday. The deal includes a combination of secondary share purchase and primary investment. The remaining stake in the company will be owned by the founding team and management.

Eight-year-old Clovia sells more than 3,500 products in the innerwear and loungewear categories for millennial women through his own direct-to-customer digital platforms, marketplace platforms, exclusive brand outlets and multi-brand retail outlets.

“With this acquisition, Reliance Retail will further strengthen its portfolio in the innerwear segment, having already acquired the Zivame and Amante brands,” the statement said. Clovia has a “strong in-house design process” to offer trending designs and innovative styles while following an “active-light outsourced manufacturing model”.

Pankaj Vermani, chief executive officer at Clovia, said: “Through this partnership, we will capitalize on Reliance’s scale and retail expertise, expand the brand’s presence and bring together a stronger value proposition through world-class quality, design and fashion in the global marketplace. intimate wear category.”

BDA Partners acted as exclusive financial advisor to Clovia, while Shardul Amarchand Mangaldas acted as legal advisor. Deloitte, Haskins & Sells LLP provided due diligence services for the transaction.

Reliance Retail is listed as one of the fastest growing retailers in the world in Deloitte’s 2021 Global Powers of Retailing index. It ranks 53rd in the list of top global retailers according to the company and is the only Indian retailer to be in the top 100.

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