Mukesh Ambani-controlled Reliance Retail mentioned on Sunday night it’s buying a majority stake of 89% in direct-to-consumer model Clovia for $125 million as the most important Indian retail chain appears to develop its footprints within the attire and innerwear classes.
Eight-year-old Clovia, which operates a “bridge-to-premium D2C model” and sells over 3,500 merchandise throughout innerwear and loungewear classes for millennial girls, had raised about $25.8 million previous to Sunday announcement, in keeping with perception platform Tracxn. Clovia’s guardian agency Purple Panda Fashions was valued at about $43 million in its most up-to-date funding spherical in December 2020.
“Clovia is worked up to grow to be part of the Reliance Retail household,” mentioned Pankaj Vermani, founder and chief govt of Clovia, in an announcement.
“Via this partnership, we are going to profit from Reliance’s scale and retail experience, extending the presence of the model and produce collectively stronger worth proposition by way of world class high quality, design and style within the intimate put on class. We look ahead to making Clovia probably the most cherished model on this class.”
Reliance Retail, which has acquired on-line lingerie manufacturers Zivame and Amante lately, mentioned its $125 million funding in Clovia contains some secondary stake buy.
“Reliance has all the time been on the forefront of enhancing selections and providing finest worth proposition to customers,” mentioned Isha Ambani, director of Reliance Retail Ventures, in an announcement.
“We’re happy so as to add model, high quality and design-led intimate put on model ‘Clovia’ to our portfolio. We look ahead to working with the sturdy administration workforce at Clovia to take the enterprise to better heights,” she added.
