BDA advises Clovia on sale to Reliance Retail

BDA Partners is pleased to announce that its client, Purple Panda Fashions Pvt Ltd (doing business as “Clovia”) has sold majority stake to Reliance Retail Ventures Ltd (“RRVL”). RRVL will acquire 89% in Clovia for US$125m (INR 9,500 million) through a combination of secondary stake purchase and primary investment. Clovia’s founding team will continue to drive the business in the next phase of growth.

BDA Partners acted as exclusive financial advisor to Clovia on the transaction.

Clovia is India’s leading bridge-to-premium D2C brand, democratizing aspirational innerwear and loungewear for millennial women. It was launched in 2013 by Pankaj Vermani, Neha Kant, Suman Choudhury, Soumya Kant and Abhay Batra. It commands a strong customer following in intimate wear, and is known for its design-led fresh styles and sharply priced offerings.

Euan Rellie, Managing Partner & Head of Consumer, BDA Partners, said: “We’re proud of BDA’s work on behalf of Clovia, supporting its mission to become the #1 direct-to-consumer brand for lingerie in India. BDA has helped Clovia to assess potential partners and investors with substantial synergies. Reliance is the ideal partner for the next stage of Clovia’s growth. We love the ecommerce sector, across Asia.”

Kumar Mahtani, Managing Director & Head of Consumer, India, BDA Partners, added: “We’re happy to have advised Clovia, one of India’s fast-growing direct-to-consumer brands, and its founders and investors. This landmark transaction shows BDA’s ability to provide an optimal solution for all stakeholders, raising growth capital, and facilitating secondary stake sales. We look forward to assisting other digitally native brands to develop, grow and evolve.”