RRVL acquires majority stake in lingerie brand Clovia

RRVL acquires majority stake in lingerie brand Clovia

21 March 2022, Mumbai:

Reliance Retail Ventures (RRVL) has acquired an 89 percent stake in online lingerie retailer Clovia for Rs 950 crore.

The deal includes primary investment and secondary share sale, according to a statement by the company on March 20.

The founding team and management of Clovia will own the rest of the stake in the firm/ Clovia is the third online lingerie retailer acquired by Reliance Retail after Zivame and Amante.

 

ALSO READ Reliance Retail launches new retail store brand

Started in 2013 by Pankaj Vermani, Neha Kant, and Suman Choudhary, Clovia offers over 3,500 product styles.

The deal comes after Reliance Retail Ventures led a $240 million funding round in Dunzo, picking up a 25 percent stake in the Bengaluru firm.

RELATED NEWS Abraham & Thakore is backed by Reliance Retail Ventures

Reliance Retail Ventures is an unlisted public company incorporated on December 13, 2006.

It is classified as a public limited company and is located in, Maharashtra. Its authorized share capital is Rs 25,000.00 crore and the total paid-up capital is Rs 6,863.54 crore. 

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