Indian retail corporation Reliance Retail Ventures (RRVL) has acquired an 89% stake in lingerie retailer Purple Panda Fashions for Rs.9.5bn ($124m).

Purple Panda Fashions is the owner and operator of Clovia, a company that manufactures and sells innerwear, activewear and personal care products.

Clovia offers more than 3,500 product styles through direct-to-customer digital platforms, marketplace platforms, exclusive brand outlets and multi-brand retail outlets.

The company was launched by Pankaj Vermani, Neha Kant and Suman Choudhary in 2013.

It claims to have a ‘strong’ customer following and is supported by its proprietary Clovia Curve Fit Test.

The acquisition is intended to strengthen RRVL’s presence in the innerwear market and complement the Zivame and Amante brands that the company previously acquired.

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RRVL director Isha Ambani said: “Reliance has always been at the forefront of enhancing choices and offering best value proposition to consumers.

“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.”

The transaction was carried out via a combination of secondary stake purchases and primary investments.

Following the acquisition, Purple Panda Fashions’ founding team and management will continue to hold the remaining stake in the business.

Clovia founder and CEO Pankaj Vermani said: “Clovia is excited to become a part of the Reliance Retail family.

“Through this partnership, we will benefit from Reliance’s scale and retail expertise, extending the presence of the brand and bringing together stronger value proposition through world-class quality, design and fashion in the intimate wear category.

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

BDA Partners acted as exclusive financial advisor to Clovia for the deal, with Shardul Amarchand Mangaldas serving as the company’s legal counsel.

Earlier this month, RRVL acquired a 25.8% stake in ‘quick commerce’ firm Dunzo for $200m.