Friday, 24 March, 2023
Reliance Retail buys majority stake in D2C brand Clovia for $125 M
<p>Reliance Retail, controlled by Mukesh Ambani, said on Sunday that it is buying an 89% stake in Clovia for $125M. India's largest retail company is looking to increase its apparel and innerwear offerings. Clovia's $125M investment includes some secondary stake purchases, as per Reliance, which has recently bought online lingerie brands Zivame and Amante. Clovia's founder and CEO, Pankaj Vermani, said, "Clovia is pleased to become a part of the Reliance Retail family."<br /> </p>
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