Reliance keeps adding more brands 🙌

Reliance keeps adding more brands 🙌

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.