Reliance Retail Buys 89% Stake In Clovia Lingerie Retailer: 5 Points

RRVL is the largest retail chain in India and owns brands across various segments.

New Delhi:
Reliance Industries subsidiary, Reliance Retail Ventures (RRVL), has acquired a majority 89 percent equity stake in Purple Panda Fashions Pvt Ltd, a company statement showed. Purple Panda handles Clovia brand clothing online. With this, Reliance Retail will further expand its reach in the lingerie segment. RIL’s retail branch has acquired the Zivame and Amante brands in the past.

Here’s Your 5 Things Scam Sheet For This Story:

  1. The company statement added that the founding and management teams will own the remaining holdings. Clovia was launched in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary.

  2. In November last year, Reliance Retail acquired the underwear retail business under the Amante umbrella brand from MAS Brands, a wholly -owned subsidiary of Sri Lanka -based MAS Holdings. It has also bought a minority stake in Actoserba Active Wholesale, which operates Zivame’s online clothing store.

  3. RRVL has also acquired a 52 per cent stake in Ritu Kumar’s veteran kouturi firm, Ritika Pvt Ltd in October 2021. Apart from the aforementioned acquisitions, Reliance Brands has acquired a 40 per cent minority stake in renowned fashion designer Manish Malhotra MM Styles Pvt Ltd.

  4. RRVL Director Isha Ambani said, “We are honored to add the ‘Clovia’ design -led style, quality and intimate clothing brand to our portfolio. We look forward to working with the strong management team at Clovia to take the business to the next level. “

  5. RRVL is the largest retail chain in India and owns brands across various segments. Clovia founder and CEO Pankaj Vermani said, “Clovia is excited to be part of the Reliance Retail family. We are looking forward to making Clovia the most loved brand in this category.”


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