What’s poppin’ — after making more than 5+ investments so far this year, Reliance Retail has now acquired an 89% stake in a direct-to-consumer women’s undergarment brand called Clovia for about $125 million.
Clovia, operating since 2013, runs a portfolio of 3,500 products across categories — from innerwear to loungewear to swimwear, and even cosmetic-care. The company sells through an omni-channel model, reaching ~3 million end retail customers.
Reliance, which has been vigorously expanding its retail footprint during COVID, is looking to stuff its shelves with products for ALL tastes and demographics — the only way to reliably serve millennials and GenZ walking into its stores.
FWIW, Reliance also owns lingerie brands Zivame and Amante — both of which it acquired barley months ago!
Fun fact — the holding company of Clovia had raised at a $48 million valuation in December 2020, netting it a cool 2.8x premium in a year and half on this deal.
Bottomline — the vigor, focus, and conviction with which RIL is pulling trigger and pursuing these new ideas, while balancing its old cash cow empire, is remarkable.