Reliance Retail Ventures Ltd (RRVL) on Sunday announced the acquisition of an 89 per cent equity stake in Clovia, an industry leader in the bridge-to-premium intimate wear category, with an investment of Rs 950 crore.

RRVL has acquired the 89 per cent equity stake in Purple Panda Fashions Pvt Ltd, which owns and operates the Clovia business through a combination of secondary stake purchase and primary investment, said a joint statement.

The founding team and management will own the balance stake in the company.

With this acquisition, RRVL will further strengthen its portfolio in the inner wear segment, as it has already bought Zivame and Amante brands in the past. Launched in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary, Clovia is India’s leading bridge-to-premium D2C brand in inner wear and lounge wear for the millennial women.

Commenting on the development, RRVL director Isha Ambani said: “Reliance has always been at the forefront of enhancing choices and offering best value proposition to consumers.”

“We are pleased to add style, quality and design-led intimate wear brand ‘Clovia’ to our portfolio. We look forward to working with the strong management team at Clovia to take the business to greater heights,” Isha said.

Clovia founder and CEO Pankaj Vermani said: “Clovia is excited to become a part of the Reliance Retail family. Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence of the brand and bring together stronger value proposition through world class quality, design and fashion in the intimate wear category. We look forward to making Clovia the most loved brand in this category.”