Reliance Retail Ventures has acquired 89 percent stake in Purple Panda Fashions, which operates the Indian lingerie brand Clovia.
Clovia is India’s leading innerwear and loungewear for women.
The acquisition entails an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment.
The remaining stake in the company will remain with the founding team and management of the company.
“We look forward to working with the management team at Clovia to take the business to greater heights,” said Isha Ambani, Director of Reliance Retail Ventures.
Reliance Retail Ventures earlier acquired Zivame and Amante brands.