NEW DELHI (Reuters) – Reliance Retail, owned by Indian billionaire Mukesh Ambani, said on Sunday it acquired a majority stake in Purple Panda Fashions Private Limited, which owns a popular lingerie brand, for $125 million, further expanding in the apparel and underwear sectors.
India’s largest retail chain will own an 89% equity stake in Purple Panda Fashions Private Limited, which owns and operates the Clovia lingerie brand, Reliance said in the statement.
“With this acquisition, RRVL (Reliance Retail) will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands,” the retail arm of Reliance Industries Ltd said in the statement.
Founded in 2006, Reliance Retail owns brands across segments panning groceries, neighbourhood convenience stores, electronic goods, clothes, jewellery, furniture and medicines.
It reported a consolidated turnover of about $21.6 billion and net profit of about $750 million for the year ended March 31, 2021.
($1 = 76.0500 Indian rupees)
(Reporting by Aftab Ahmed and Nidhi Verma; Editing by Emelia Sithole-Matarise)
