Reliance Retail Ventures Ltd (RRVL) on Monday announced that it has acquired an 89% stake in Purple Panda Fashions Pvt Ltd, which owns lingerie brand Clovia, for $125 million (Rs 950 crore).
RRVL will acquire the stake through a combination of primary and secondary investment, it said in a statement. Clovia’s founding team and management will own the rest of the company.
