Reliance Retail said on Sunday evening that it is acquiring a majority stake in Clovia for $125 million as it looks to expand its footprints in the apparel and innerwear categories.
Clovia, an eight-year-old company that sells over 3,500 products across innerwear and loungewear categories for women, had raised about $25.8 million prior to Sunday's announcement. The most recent funding round for Clovia's parent firm was in December 2020.
Pankaj Vermani, founder and chief executive of Clovia, said in a statement that the company is excited to become a part of the Reliance Retail family.
Through this partnership, we will benefit from Reliance's scale and retail expertise, extending the presence of the brand and bring together stronger value proposition through world class quality, design and fashion in the intimate wear category. Clovia will be the most loved brand in this category.
Reliance Retail, which has acquired online lingerie brands Zivame and Amante in recent years, said its $125 million investment in Clovia includes some secondary stake purchase.
Reliance has always been at the forefront of enhancing choices and offering the best value to consumers.
We are pleased to add style, quality and design-led intimate wear brand Clovia to our portfolio. We look forward to working with the management team at Clovia to take the business to greater heights.
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