Weeks after buying women underwear brands Zivame and Amante, Reliance Retail has now acquired of a majority 89 percent equity stake in the same segment, Clovia.
According to reports, the transaction has an investment of INR 950 Cr from Reliance Retail and the rest 11% will retain by the founding team of the startup.
Clovia- third acquisition in the same segment
This is not the first time Reliance Retail has picked up an innerwear brand. Prior to this, the retail giant already has acquired Zivame and Amante under its innerwear segment.
About Clovia
Clovia, leading brand for women’s activewear, innerwear, loungewear, and personal care was launched in 2013 by the husband-wife duo of Neha Kant and Pankaj Vermani. The startup claims to offer more than 3,500 product styles. It also follows an outsourcing model for its production.
Innerwear market in India
The growing number of working women, changing fashion trends, increased awareness about better fits, rising disposable income and level of information have given the women the innerwear industry a new dimension.
A report by consulting firm, RedSeer shows the female innerwear market in India will nearly double to $11-12 billion by 2025 as people become aware of better brands.