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Reliance Industries (RIL) backed Reliance Retail Ventures Limited (RRVL) on Sunday announced the acquisition of 89% equity shares in Purple Panda Fashions that owns and operates the Clovia business. Reliance Retail will invest Rs950 crore via a combination of secondary stake purchase and primary investment.

The founding team and management will own the balance stake in Purple Panda. Clovia is launched by Pankaj Vermani, Neha Kant & Suman Choudhary in 2013.

Through the acquisition, RIL's retail arm seeks to further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.

Isha Ambani, Director, Reliance Retail Ventures Limited, said, “Reliance has always been at the forefront of enhancing choices and offering best value proposition to consumers. We are pleased to add style, quality and design-led intimate wear brand ‘Clovia’ to our portfolio. We look forward to working with the strong management team at Clovia to take the business to greater heights."

Pankaj Vermani, Founder & CEO of Clovia, said, “Clovia is excited to become a part of the Reliance Retail family. 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."

For the deal, BDA Partners acted as exclusive financial advisor to Clovia, while Shardul Amarchand Mangaldas acted as legal counsel and Deloitte, Haskins & Sells LLP provided due diligence services for the transaction.

Clovia has emerged as India’s leading bridge-to-premium D2C brand democratizing aspirational innerwear and loungewear for millennial women. Since its inception, the brand commands a strong customer following in the intimate wear space and is known for its design-led fresh styles and sharply-priced offerings to customers.

Clovia offers more than 3,500 product styles, based on its feedback-led design approach and backed by its proprietary “Clovia Curve Fit Test". Also, the brand has a strong in-house design process to offer trending designs and innovative styles, while it follows an asset-light outsourced production model.

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