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 biggest Indian retail chain appears to broaden 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 line with perception platform Tracxn. Clovia’s father or mother 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 government of Clovia, in an announcement.
“By way of 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 stay up for making Clovia essentially the most liked model on this class.”
Reliance Retail, which has acquired on-line lingerie manufacturers Zivame and Amante lately, mentioned its $125 million funding in Clovia consists of some secondary stake buy.
“Reliance has all the time been on the forefront of enhancing selections and providing greatest worth proposition to shoppers,” 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 stay up for working with the robust administration workforce at Clovia to take the enterprise to larger heights,” she added.
