Reliance Retail, a supermarket, agreed to acquire an 89% stake in Clovia, an operator of a lingerie brand, from IvyCap, a venture capital firm, for $125m. “Reliance has always been at the forefront of enhancing choices and offering the 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,” Isha Ambani, Reliance Retail Ventures Director.