Reliance Retail Ventures (RRV) has acquired 89% in online lingerie retailer Clovia in a deal worth Rs 950 crore, which includes the primary investment and the sale of secondary share sale, according to a company statement on March 20. Reliance Retail Ventures added in its statement that the co-founding and management team of Clovia will own the remaining stake in the company. Clovia is the third online lingerie retailer to be acquired by RRV, after Zivame and Amante.
Started in 2013 by Pankaj Virmani, Neha Kant and Suman Choudhary, the company said in a statement that Clovia's offerings include more than 3,500 product styles. The deal comes after Reliance Retail Ventures led a $240 million financing round in Donzo, taking a 25% stake in Bengaluru.
“Reliance has always been at the forefront of enhancing choices and offering the best value proposition to consumers. We are pleased to add the elegance, quality and design of intimate apparel 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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