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 increase 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 ladies, had raised about $25.8 million previous to Sunday announcement, based on 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 happy to grow to be part of the Reliance Retail household,” mentioned Pankaj Vermani, founder and chief government of Clovia, in an announcement.

“By this partnership, we are going to profit from Reliance’s scale and retail experience, extending the presence of the model and produce collectively stronger worth proposition via world class high quality, design and style within the intimate put on class. We sit up for making Clovia essentially the most liked model on this class.”

Reliance Retail, which has acquired on-line lingerie manufacturers Zivame and Amante in recent times, mentioned its $125 million funding in Clovia contains some secondary stake buy.

“Reliance has at all times been on the forefront of enhancing decisions and providing greatest worth proposition to shoppers,” 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 sit up for working with the sturdy administration workforce at Clovia to take the enterprise to better heights,” she added.