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Reliance Retail Ventures Limited (RRVL) has acquired 89 per cent equity stake in Purple Panda Fashions Private Limited, which owns and operates Clovia. Reliance made an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment.
Clovia, launched in 2013 by Pankaj Vermani, Neha Kant & Suman Choudhary, is a bridge-to-premium D2C brand for women's innerwear and loungewear.
With this acquisition, Reliance adds another brand to its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.
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.
