Reliance Acquires Stakes At Zivame

Reliance has acquired the stakes of Ronnie Screwala at Zivame, one of the leading Lingerie brands. The company bought the whole 15% share owned by him.

Founded in 2011 by Richa Kar, the brand also offers beachwear, activewear, other apparel, and accessories for women. The brand has around 30 separate stores and around 800 store partners around the country.

The rest of the stakes are owned by Zodius (60%) and Khazanah Nasional Berhad (25%), a Malaysian based sovereign fund will also be bought by Reliance and it is said that the deal is as good as done.

Zivame currently operates with around 30 stores in India and has planned to make it 60 stores and increase their revenue from Rs 140 crores to Rs 250 crores by FY2020. But, it has not been set in action due to this pandemic.

The CEO of Zivame, Amisha Jain has confirmed that by December 2020, Reliance would acquire 100% of Zivame. This action would encourage Reliance’s idea to offer more choices for its customers.