HomeCURRENT AFFAIRSBUSINESSReliance Brands buys out Ronnie Screwvala's stake in Zivame

Reliance Brands buys out Ronnie Screwvala’s stake in Zivame

Currently, Zodius is the largest shareholder in Zivame with about 60 per cent stake.

Reliance Brands, a subsidiary of Reliance Industries (RIL), has obtained the stake of Ronnie Screwvala-owned Unilazer Ventures in online lingerie retailer Zivame and is reportedly in conversation with other partners to take 100% control of the company.

Zivame was established by Richa Kar in 2011 and the famous shopping website has a valuation of $200 million and its revenue for FY19 stood at ₹140 crore.

People close to the development said Reliance Brands, which sells several premium and luxury labels such as Jimmy Choo, Tiffany, Diesel and Mothercare in India, could pay up to $160 million – or about Rs 1,200 crore – for acquiring Zivame. Zodius Capital and Malaysian sovereign fund Khazanah Nasional Berhad will exit the firm, these people added.

Currently, Zodius is the largest shareholder in Zivame with about 60 per cent stake. Malaysian sovereign fund  Khazanah Nasional Bhd owns about 25 per cent.

Meanwhile, the obtainment from Reliance comes at a time when the alliance is doubling down on its retail offering, with one eye on Future Retail. The fashion and lifestyle category endorses just about 8% to Reliance Retail’s total revenue but has a margin of 24%.

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