Reliance acquires another online lingerie brand

After Zivame and Amante, Reliance Retail Ventures Limited (RRVL) has now announced acquiring Clovia, another direct to consumer (D2C) women lingerie brand.

Key points to note –

  • Founded in 2012, Clovia has previously raised a total of $22 mn from various investors. Last round was in December 2020, when it had raised Rs 14.3 crore at a valuation of Rs 320 crore.
  • RRVL is acquiring 89% of it for a consideration of Rs 950 crore valuing the company at about Rs 1067 cr.
  • Rs 950 crore is through a mix of primary and secondary stake purchase.
  • No financial numbers are disclosed about Clovia in Reliance’s press release. However, as per newspaper reports it had recorded revenues of $13.3 mn (Rs 100 crore) in CY 2019.
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