New Delhi, Mar 20 (IANS): Reliance Retail Ventures Ltd on Sunday announced it has acquired 89 per cent equity stake in Purple Panda Fashions, which operates the Indian lingerie brand Clovia.

Launched in 2013, Clovia is India's leading innerwear and loungewear for women.

The acquisition entails an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment.

The remaining stake in the company will remain with the founding team and management of the company, a statement said.

"... We are pleased to add style, quality and design-led intimate wear brand Clovia to our portfolio. We look forward to working with the strong management team at Clovia to take the business to greater heights," said Isha Ambani, Director of Reliance Retail Ventures.

She said that Reliance has always been at the forefront of enhancing choices and offering the best value proposition to consumers.

"Through this partnership, we will benefit from Reliance's scale and retail expertise, extending the presence of the brand and bring together a stronger value proposition through world class quality, design and fashion in the intimate wear category," said Pankaj Vermani, Founder and CEO of Clovia.

"We look forward to making Clovia the most loved brand in this category."

With this acquisition, RRVL will further strengthen its portfolio in the innerwear segment, having already acquired Zivame and Amante brands, the statement added.