PE Fund Investments
Reliance Retail acquires 89% in lingerie brand Clovia's owner for Rs.950-Cr
Publicly listed Reliance Industries (RIL)'s retail unit - Reliance Retail Ventures Limited (RRVL) - has acquired a 89% stake in New Delhi-based Purple Panda Fashions that owns and operates lingerie brand Clovia. Reliance Retail will invest INR 950 crore via a combination of secondary stake purchase and primary investment. The founding team (Pankaj Vermani, Neha Kant & Suman Choudhary) and management team will own the balance stake in Clovia. BDA Partners acted as exclusive financial advisor to Clovia, while Shardul Amarchand Mangaldas acted as legal counsel and Deloitte, Haskins & Sells provided due diligence services for the transaction. RRVL had previously acquired Zivame (innerwear) and Amante (swimwear) brands.
From the Venture Intelligence PE-VC Deal Database: Between May-13 and Dec-20, Covia had raised almost INR 150 Cr from Mountain Apollo, At Capital, She Capital, IvyCap Ventures and others.(Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
