Reliance Retail, controlled by Mukesh Ambani, said Sunday night it would acquire an 89 percent majority stake in consumer-facing brand Clovia for $125 million as India’s largest retail chain looks to expand its presence in the apparel and underwear categories.
Eight-year-old Clovia, which operates a “D2C premium brand” and sells more than 3,500 products in the lingerie and homewear categories for millennial women, has raised nearly $25.8 million ahead of Sunday’s announcement, according to Insight Platform Were. Tract. Parent company Clovia Purple Panda Fashion was valued at approximately $43 million in its latest funding round in December 2020.
Pankaj Varmani, founder and CEO of Clovia, said in a statement, “Clovia is delighted to be part of the Reliance Retail family.”
“Through this partnership, we will leverage Reliance’s scaling and retail expertise, expand brand presence, and deliver a strong value proposition in the intimate apparel category through world-class quality, design and fashion. We look forward to making Clovia the most popular brand in this category.”
Reliance Retail, which has acquired online lingerie brands Zivame and Amante in recent years, said the $125 million investment in Clovia will include secondary purchases.
“Reliance has always been at the forefront of improving choice and delivering the best value for consumers,” said Isha Ambani, president of Reliance Retail Ventures.
“We are delighted to add Clovia, a stylish, quality and designer intimatewear brand, to our portfolio. We look forward to working with Clovia’s strong management team to take the company to the next level.”