Reliance Retail acquires 89% stake in online lingerie retailer Clovia

Reliance Retail Ventures (RRV) has acquired an 89% stake in online lingerie retailer Clovia in a Rs 950 crore deal, which incorporates main funding and secondary share sale, in line with an announcement by the corporate on March 20. The founding group and administration of Clovia will personal the remainder of the stake within the agency, Reliance Retail Ventures added in its assertion. Clovia is the third on-line lingerie retailer RRV has acquired, after Zivame and Amante.

Began in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary, Clovia’s choices embody greater than 3,500 product types, the corporate stated in an announcement. The deal comes after Reliance Retail Ventures led a $240 million funding spherical in Dunzo, selecting up a 25% stake within the Bengaluru agency.

“Reliance has at all times been on the forefront of enhancing decisions and providing the most effective worth proposition to customers. We’re happy so as to add type, high quality and design-led intimate put on model Clovia to our portfolio. We sit up for working with the sturdy administration group at Clovia to take the enterprise to higher heights,” stated Isha Ambani, director, Reliance Retail Ventures.

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