News > Reliance Retail acquires majority stake in D2C brand Clovia for $125 million

Reliance Retail acquires majority stake in D2C brand Clovia for $125 million

Reliance Retail, owned by billionaire Mukesh Ambani, said on Sunday it acquired a majority stake in Purple Panda Fashions Private Limited, which owns a popular lingerie brand, for $125 million, further expanding in the apparel and underwear sectors.

India’s largest retail chain will own an 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia lingerie brand.