Reliance Retail acquires majority stake in D2C brand Clovia for $125 million – TechCrunch

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 seems 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 response to perception platform Tracxn. Clovia’s mum or dad 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 turn out to be part of the Reliance Retail household,” mentioned Pankaj Vermani, founder and chief govt of Clovia, in an announcement.

“By this partnership, we’ll profit from Reliance’s scale and retail experience, extending the presence of the model and convey collectively stronger worth proposition by world class high quality, design and style within the intimate put on class. We stay up for 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 consists of some secondary stake buy.

“Reliance has all the time been on the forefront of enhancing decisions and providing greatest worth proposition to customers,” mentioned Isha Ambani, director of Reliance Retail Ventures, in an announcement.

“We’re happy so as to add type, high quality and design-led intimate put on model ‘Clovia’ to our portfolio. We stay up for working with the sturdy administration group at Clovia to take the enterprise to higher heights,” she added.