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HomeNEWSReliance Retail makes another acquisition, buying 89% stake in Lingerie Brand

Reliance Retail makes another acquisition, buying 89% stake in Lingerie Brand

New Delhi: Reliance Retail Ventures (RRV) has now acquired stakes in online lingerie retailer Clovia after Jivama and Amanta. Reliance Retail has bought an 89 per cent stake in Clovia. The company has acquired the stake in a deal worth Rs 950 crore. The deal includes a primary investment and the sale of a secondary share, the company said in a statement. Reliance Retail Ventures said in a statement that Clovia’s founding team and management would own the remaining stake in the company.

More than 3500 product styles
The company said in a statement that Clovia was started by Pankaj Vermani, Neha Kant and Suman Chaudhary in 2013. Clovia offers over 3,500 product styles. Earlier, Reliance Retail Ventures had invested $ 240 million in Bengaluru-based firm Danzo to acquire a 25% stake.

Find out what Isha Ambani said

Commenting on the deal, Isha Ambani, Director, Reliance Retail Ventures, said, “Reliance has always been at the forefront of expanding options and offering the best value proposition to consumers. We are thrilled to have the intimate wear brand ‘Clovia’ based. We look forward to working with a strong management team in Clovia to take the business to new heights.
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Reliance will benefit from expertise in the retail sector

“Clovia is excited to be part of the Reliance Retail family,” said Pankaj Vermani, Founder and CEO of Clovia. With this partnership, we will benefit from Reliance’s scale and retail expertise. With this partnership, we will be able to take our brand to other places. We will be strong in the Intimate Wear category through world class quality, design and fashion. We hope to make Clovia the most preferred brand in this category. “

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