While firms like Zivame and Nykaa now dominate the lingerie market in the nation, a startup called Clovia, founded by a husband-and-wife team located in Noida, has overtaken them as the leading brand when it comes to reasonably priced and fashionable underwear alternatives.
Neha Kant and Pankaj Vermani, a husband-and-wife team, founded Clovia, one of the most well-known brands in India’s domestic lingerie market. Neha and Pankaj turned a simple concept for a clothing company into a multi-billion dollar business that is now the top name in inexpensive lingerie.
Neha Kant and Pankaj Vermani created Clovia in 2012, forming Purple Panda Fashion Ltd. as the company’s parent. The husband-and-wife team’s goal, with their limited finances at the time, was to provide high-quality goods at the most affordable prices.
Since Zivame, an online lingerie retailer, was its main rival, Clovia made the decision to provide high-end intimate apparel for women at prices that were almost cut in half. On lingerie marketplaces, Clovia now provides the best prices, quickly depleting its profit margins.
Both Neha Kant and Pankaj Vermani succeeded in generating more than Rs 185 crore in finance throughout the ten years before Clovia’s breakthrough. In 2020, Clovia lingerie was estimated to be worth approximately USD 41 million, or over Rs 340 crore.
The most successful businessman in India, Mukesh Ambani, and his daughter Isha Ambani took note of the Noida couple’s success and quickly became interested. Reliance Retail, which is run by Isha Ambani, had a strong interest in Clovia Lingerie and sought to expand it.
The parent firm of Clovia, Purple Panda Fashion, ended up selling 89 percent of its stock to Isha Ambani’s Reliance Retail. Clovia became a member of Mukesh Ambani’s Reliance family after a staggering Rs 950 crore was cut from the contract between Reliance Retail and Clovia.
