Reliance Retail buys 89% stake in Purple Panda Fashions for Rs 950 crore : Rashtra News
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Purple Panda Fashions owns and operates Clovia, a direct-to-consumer bridge-to-premium brand of innerwear and loungewear for women.
Reliance Retail Ventures (RRVL), a wholly-owned subsidiary of Mukesh Ambani-controlled Reliance Industries (RIL), has acquired an 89% stake in Purple Panda Fashions Pvt Ltd for Rs 950 crore.
The acquisition was through a combination of secondary stake purchase and primary investment. The founding team and management will own the balance stake in the company, RIL said in a statement on Sunday.
Purple Panda Fashions owns and operates Clovia, a direct-to-consumer bridge-to-premium brand of innerwear and loungewear for women.
“Reliance has always been at the forefront of enhancing choices and offering the best value proposition 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 strong management team at Clovia to take the business to greater heights,” RRVL director Isha Ambani said.
The acquisition will help RRVL further strengthen its portfolio in the innerwear segment, it said. Last year, Reliance had acquired a minority stake in Actoserba Active Wholesale, which owns and operates online lingerie store Zivame. In 2021, the group had also acquired retail lingerie businesses under the ‘amante’ brand from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings, for an undisclosed amount.
“Clovia 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 a stronger value proposition through world class quality, design and fashion in the intimate wear category. We look forward to making Clovia the most loved brand in this category,” Clovia founder and CEO Pankaj Vermani said.
BDA Partners was the financial advisor to Clovia, while Shardul Amarchand Mangaldas was the legal counsel and Deloitte, Haskins & Sells provided due diligence services for the transaction.
Purple Panda Fashions was started in 2013 by entrepreneurs Neha Kant, Pankaj Vermani and Suman Chowdhury. The company had raised $4 million in its pre-Series C round of funding, led by SheCapital Venture Fund and Golden Birch Investments in 2020.
RRVL is the holding company of all the retail firms under the RIL Group. Reliance Retail, a subsidiary of RRVL, operates more than 12,000 stores in the country.
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a www.financialexpress.com feed.)
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