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Mukesh Ambani-controlled Reliance Retail mentioned on Sunday night it’s buying a majority stake of 89% in direct-to-consumer model Clovia for $125 million as the most important Indian retail chain appears to be like to broaden its footprints within the attire and innerwear classes.
Eight-year-old Clovia, which operates a “bridge-to-premium D2C model” and sells over 3,500 merchandise throughout innerwear and loungewear classes for millennial girls, had raised about $25.8 million previous to Sunday announcement, based on perception platform Tracxn. Clovia’s mum or dad agency Purple Panda Fashions was valued at about $43 million in its most up-to-date funding spherical in December 2020.
“Clovia is worked up to turn out to be part of the Reliance Retail household,” mentioned Pankaj Vermani, founder and chief government of Clovia, in a press release.
“By means of this partnership, we’ll profit from Reliance’s scale and retail experience, extending the presence of the model and convey collectively stronger worth proposition by world class high quality, design and trend within the intimate put on class. We look ahead to making Clovia essentially the most beloved model on this class.”
Reliance Retail, which has acquired on-line lingerie manufacturers Zivame and Amante in recent times, mentioned its $125 million funding in Clovia consists of some secondary stake buy.
“Reliance has at all times been on the forefront of enhancing selections and providing finest worth proposition to shoppers,” mentioned Isha Ambani, director of Reliance Retail Ventures, in a press release.
“We’re happy so as to add model, high quality and design-led intimate put on model ‘Clovia’ to our portfolio. We look ahead to working with the sturdy administration staff at Clovia to take the enterprise to larger heights,” she added.
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