21 March 2022

BDA advises Clovia on sale to Reliance Retail

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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.”

About Reliance Retail Ventures Limited (RRVL)

RRVL is a subsidiary of Reliance Industries Limited and holding company of the retail companies under the RIL Group. RRVL reported a consolidated turnover of US$21.6bn (INR 1,576 billion) and net profit of US$750m (INR 55 billion) for the year ended March 31, 2021.

RRVL is the largest and the most profitable retailer in India, with the widest reach. It has been listed among the fastest growing retailers in the world in the Deloitte’s Global Powers of Retailing 2021 index. It is ranked 53rd in the list of Top Global Retailers and is the only Indian Retailer to feature in the Top 100. relianceretail.com

About Clovia

Purple Panda Fashions Private Limited (doing business as “Clovia”) was started in 2013 by Neha Kant, Pankaj Vermani, Suman Chowdhury, Soumya Kant and Abhay Batra. Clovia is a fast-growing lingerie brand. It designs, manufactures women’s lifestyle products, selling innerwear, activewear, and personal care products under the brand name “Clovia”. Clovia sells through its own D2C digital platforms, marketplace platforms, exclusive brand outlets, and multi-brand retail outlets. www.clovia.com

About BDA Partners

BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.

US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorized and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com