The retail arm of billionaire bigg boss mukesh ambani owner of reliance Industries holds an 89% stake in Purple Panda Fashions, which owns and operates Clovia, for $one hundred twenty-five hundred twenty-5 million.
Purple Panda Fashions' flagship emblem Clovia is a direct-to-consumer online retail innerwear and loungewear logo for women. reliance Retail will invest Rs 950 crore through a mixture of secondary stake purchase and primary investment. Clovia, a bridge-to-pinnacle charge D2C emblem for women's innerwear and loungewear was launched via Pankaj Vermani, Neha Kant & suman Choudhary. With this, reliance gives a few different emblems to its portfolio withinside the innerwear segment, having already acquired Zivame and Amante brands "Reliance has normally been at the forefront of enhancing picks and imparting the tremendous price proposition to consumers.
We sit up straight for walking with the robust manipulate institution at Clovia to take the employer to extra heights," said Isha Ambani, Through this partnership, we are able to benefit from Reliance's scale and retail expertise, extending the presence of the emblem and bringing together a stronger price proposition through world-class quality, design, and fashion withinside the intimate placed on category. We sit up straight for making Clovia the most loved emblem in this category," said Clovia Founder & CEO Pankaj Vermani. In October, RRVL acquired a fifty- percentage stake in Ritu Kumar's employer Ritika Pvt Ltd for an undisclosed amount.
