Reliance Retail Ventures (RRV) has acquired an 89% stake in online lingerie retailer Clovia in a Rs 950 crore deal, which includes primary investment and secondary share sale, according to a statement by the company on March 20. The founding team and management of Clovia will own the rest of the stake in the firm, Reliance Retail Ventures added in its statement. Clovia is the third online lingerie retailer RRV has acquired, after Zivame and Amante.
Started in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary, Clovia’s offerings include more than 3,500 product styles, the company said in a statement. The deal comes after Reliance Retail Ventures led a $240 million funding round in Dunzo, picking up a 25% stake in the Bengaluru firm.
“Reliance has always been at the forefront of enhancing choices and offering the 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,” said Isha Ambani, director, Reliance Retail Ventures.
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