Reliance Retail acquires 89% stake in women's innerwear brand Clovia

Reliance Retail Ventures Limited (RRVL) has acquired an 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates Clovia, a brand for women's innerwear and loungewear. Reliance made an investment of ₹950 crore through a combination of secondary stake purchase and primary investment. Clovia was launched in 2013 by Pankaj Vermani, Neha Kant and Suman Chowdhury.