Reliance Retail Ventures Ltd (RRVL) announced on Sunday that it had purchased an 89 percent ownership in Purple Panda Fashions Pvt. Ltd, which owns the Clovia girls’ innerwear and lounge wear brand.
The transaction included both a secondary equity purchase and first funding. Clovia’s founding group and management will own the remaining portion, according to an announcement from the Reliance Industries Ltd affiliate.
Pankaj Vermani, Neha Kant, and Suman Choudhary founded Clovia in 2013. Its options include nearly 3,500 different product types. Clovia employs an in-house design team and employs an asset-light outsourced manufacturing model.
Clovia co-founder and CEO Vermani stated that the approach will benefit from Reliance’s scale and retail experience.
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