Marking a continuation of the Indian retail giant’s acquisition spree, Reliance Retail Ventures Ltd. (RRVL) will take an 89 percent stake in Clovia’s parent Purple Panda Fashions Private Limited for about $125 million.
Launched in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary, direct-to-consumer brand Clovia offers more than 3500 products for millennial women, ranging from lingerie, loungewear, activewear, shapewear to personal care products.
In recent months RRVL and Reliance Brands Limited (RBL), the retail-focussed subsidiaries of billionaire businessman Mukesh Ambani’s Reliance Industries conglomerate, have been on a deal-making spree.
In October came news of a 40 percent stake in luxury label Manish Malhotra, the acquisition of a majority stake in designer Rita Kumar’s fashion and homeware labels was announced later the same month and joint ventures were signed with designer Anamika Khanna in December and Indian couturier Rahul Mishra in January. Another acquisition, of lifestyle, fashion and homeware brand Abraham & Thakore, was announced at the beginning of March.
According to RRVL, the acquisition of Purple Panda Fashions Private Ltd. will further strengthen its portfolio in the innerwear sector, joining its stable’s existing brands Zivame and Amante.
Pankaj Vermani, founder and chief executive of Clovia said the deal will see the brand benefit from Reliance’s scale and retail expertise, scaling up brand presence and “bringing together a stronger value proposition”.
The retail giant has set an ambition to grow the one-time Bollywood stylist’s designer label into India’s first global luxury brand.