Reliance Industries have invested a good amount of money in another company. Through this deal, Reliance has acquired 89% of equal stake in online lingerie retailer Clovia. Let me tell you, Reliance has invested a good amount of 950 crores for this deal. The company Clovia is managed and operated by Purple Panda Fashions Pvt Ltd.Talking more about the Clovia company, It was founded in 2013 by three founders named Pankaj Vermani, Neha Kant & Suman Choudhary. It is a D2C brand in underwear and lingerie wear, especially for women. In a very short period, this company has established itself. It has good customer satisfaction rates due to pocket-friendly prices and the fresh style it provides to its customers.
Before Clovia, Reliance has also signed deals with other big companies like Zivame and Amante
As per the joint statement released by both the companies, the balance stake will be under the founders and management systems. Before this company, Reliance has also signed deals with other big companies like Dunjo, Zicam, and Amanto.
As it holds experience of working with these companies, it will strengthen its profile in the lingerie or underwear segment. The previous year in November, Reliance Retail Ventures Limited (RRVL) had acquired a stake in “Amante” which is under the Srilanka-based MAS brand. Although, the amount was not disclosed. It had also acquired a minor stake in the online lingerie brand “Zivame ” which is operated by Actoserba Active Wholesale.
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“I am hoping to take this business to greater heights,” Said Isha Ambani Reliance Retail Ventures Limited (RRVL), Director and Mukesh Ambani Daughter Isha Ambani said that Reliance has always offered quality products to its consumers and she is delighted with this partnership with D2C brand Clovia which also offers good and design-led innerwear. And she is hoping to take this business to greater heights. Pankaj Vermani, CEO and founder stated that Clovia is very delighted to be a part of such a good brand “Reliance retail”. We are hoping to expand our business and develop Clovia as the most loved lingerie wear brand.