India: Reliance Retail picks 89% stake in lingerie brand Clovia for $125m

Photo by Kristina Petrick on Unsplash

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.

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