Clovia: A Remarkable Journey from Vision to Acquisition
In 2012, Neha Kant and Pankaj Vermani embarked on a journey with a clear vision – to create an inclusive lingerie brand. With limited funding but boundless determination, they founded Clovia under Purple Panda Fashion Ltd. The brand swiftly disrupted India’s lingerie market, rivaling established players like Zivame.
Clovia’s success story centered on its commitment to providing high-quality lingerie at affordable prices, catering to diverse customer needs. To outshine competitors, Clovia strategically offered top-notch intimate apparel at nearly half the prices, attracting a rapidly growing customer base.
Over a decade, the duo secured over Rs 185 crore in financing, propelling Clovia’s valuation to an impressive USD 41 million (approx. Rs 340 crore) by 2020.
The brand’s remarkable success caught the attention of business tycoon Mukesh Ambani and his daughter, Isha Ambani. Under Reliance Retail, led by Isha Ambani, Clovia found a partner eager to expand the brand’s reach.
In a significant acquisition, Reliance Retail acquired 89% of Purple Panda Fashion, solidifying Clovia’s place in the prestigious Reliance family. The deal, worth Rs 950 crore, promises even greater heights for Clovia under the visionary leadership of Mukesh Ambani.
Clovia’s journey from vision to acquisition exemplifies the power of passion and innovation in the world of business. As it continues to redefine India’s lingerie industry, Clovia stands as an inspiring testament to the possibilities of unwavering dedication and transformative vision.
