Reliance Industries arm acquires 89% stake of Purple Panda Fashions for Rs 950 cr

The subsidiary of Reliance Industries, Reliance Retail Ventures announced the acquisition of 89% stake in Purple Panda Fashions for Rs 950 crore, which owns and operates the Clovia business, through secondary stake purchase & primary investment.

The founding team and management will own the balance stake in the company. Clovia is India's leading bridge-to-premium D2C brand innerwear and loungewear for millennial women. It commands a strong customer following in the intimate wear space and is known for its design led fresh styles and sharply-priced offerings to customers. With this acquisition, RRVL will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands.

 

On a consolidated basis, RIL reported a 37.9% jump in net profit to Rs 20,539 crore on a 57% rise in net sales to Rs 185,027 crore in Q3 FY22 over Q3 FY21.

Shares of Reliance Industries (RIL) lost 0.39% to Rs 2,470.10 on BSE. RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

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