Reliance Retail Acquires Majority Stake In DTC Brand Clovia For $125 Million
India’s Reliance Retail has revealed that it will be acquiring a majority stake of 89% in direct-to-consumer ( DTC) brand Clovia for $125 million.
“Clovia is excited to become a part of the Reliance Retail family,” said Pankaj Vermani, founder and chief executive of Clovia.
Clovia currently operates as a “bridge-to-premium DTC brand” and sells over 3,500 products innerwear and loungewear products that cater to millennial women. To date, the eight-year-old brand has raised about $25.8 million in capital, according to insight platform Tracxn. After its most recent funding round in December 2020, Purple Panda Fashions, Clovia’s parent company, was valued at roughly $43 million.
“Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence of the brand and bring together stronger value proposition through world-class quality, design and fashion in the intimate wear category. We look forward to making Clovia the most loved brand in this category,” continued Vermani.
Clovia joins a portfolio of brands Reliance Retail has recently acquired, including online lingerie brands Zivame and Amante.
With its $125 million investment in the DTC brand, Reliance Retail plans to make secondary stake purchases.
Originally published at https://retailbum.com on March 21, 2022.