Reliance Retail has acquired an 89% stake in intimate wear brand Clovia (Purple Panda Fashions Private Limited).

An investment of ₹950 crore was made by Reliance through a combination of secondary stake purchase and primary investment.

Shardul Amarchand Mangaldas advised Clovia and the team was led by Partner Amit Khansaheb.

SAM also acted for Reliance Retail and the team was led by Partner Nivedita Tiwari.

Thinking Legal advised She Capital, an existing investor in Clovia, on the transaction.The team consisted of Vaneesa Agarwal (Founder) and Sanyukta Srivastav (Associate).

With this acquisition, Reliance added another brand to its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.

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