Mukesh Ambani-controlled Reliance Retail said on Sunday evening it is acquiring a majority stake of 89% in direct-to-consumer brand Clovia for $125 million as the largest Indian retail chain looks to expand its footprints in the apparel and innerwear categories.
Eight-year-old Clovia, which operates a “bridge-to-premium D2C brand” and sells over 3,500 products across innerwear and loungewear categories for millennial women, had raised about $25.8 million prior to Sunday announcement, according to insight platform Tracxn. Clovia’s parent firm Purple Panda Fashions was valued at about $43 million in its most recent funding round in December 2020.
“Clovia is excited to become a part of the Rel …
