RRVL is India's largest retail chain and owns brands across various segments.
- The company statement added that the founding team and management would own the balance stake. Clovia was launched in 2013 by Pankaj Vermani, Neha Kant and Suman Choudhary.
- In November last year, Reliance Retail had acquired the retail lingerie businesses under the Amante umbrella brand from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings. It had also bought a minority stake in Actoserba Active Wholesale, which operates online lingerie store Zivame.
- RRVL had also acquired a 52 per cent stake in veteran couturier Ritu Kumar's firm Ritika Pvt Ltd in October 2021. Apart from the mentioned acquisitions, Reliance Brands had picked up a 40 per cent minority stake in renowned fashion designer Manish Malhotra's MM Styles Pvt Ltd.
- RRVL Director Isha Ambani said, "We are pleased to add style, quality and design-led intimate wear brand 'Clovia' to our portfolio. We look forward to working with the strong management team at Clovia to take the business to greater heights."
- RRVL is India's largest retail chain and owns brands across various segments. Clovia Founder and CEO Pankaj Vermani said, "Clovia is excited to become a part of the Reliance Retail family. We look forward to making Clovia the most loved brand in this category."
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