E188 - He built a ₹1000 Crore Lingerie Empire in India: Pankaj Vermani, Clovia (Acquired by Reliance)

Indian Silicon Valley with Jivraj Singh Sachar

In this episode, we sit down with Pankaj Vermani, founder and CEO of Clovia, one of India's most successful lingerie brands. From building the business from scratch to selling a majority stake to Reliance, Pankaj opens up about the journey and the lessons learned along the way. We dive into how Clovia stood out by balancing premium quality with affordability, a strategy that has resonated deeply with consumers across India. Pankaj shares how controlling the supply chain was a game-changer, helping Clovia maintain quality and keep prices accessible, even as the brand scaled rapidly. He also explains why the word "jugaad" doesn't fit with Clovia’s approach and how real innovation comes from sustainable processes. As a seasoned entrepreneur, Pankaj reflects on the challenges of moving from online to offline retail, how the pandemic impacted their business, and the importance of understanding the evolving needs of Indian consumers. He shares fascinating stories of navigating supply chain obstacles and unexpected customer insights that shaped the company’s product development. Pankaj also gives a glimpse into his personal life, talking about what it’s like to build a business alongside his wife and co-founder, and how the support of his team carried the company through difficult times. Whether you're an entrepreneur, a marketer, or simply interested in the inner workings of one of India’s top brands, this episode is full of valuable takeaways. 0:00 - Introduction 2:24 - Starting Clovia and advice for future founders 5:52 - How product passion drives founders 10:12 - Unique things Pankaj did in 2015 14:02 - Why Pankaj dislikes the word “JUGAAD” 15:13 - Insight and action taken 18:59 - Indian consumers want value for money 20:52 - Early customer communication 21:35 - Delivering premium quality at affordable prices 25:52 - New product development process 29:31 - Balancing quality vs data 31:32 - Managing inventory at Clovia 33:57 - Insights that changed Pankaj’s views 36:52 - Why customers choose Clovia 41:45 - Clovia’s retail strategy 45:27 - Retail footprint advice for founders 49:27 - Clovia’s market distribution 55:02 - Lessons from Reliance 57:26 - How friends describe Pankaj 1:01:52 - Help Pankaj received on his journey 1:04:12 - Core values and challenges in Pankaj’s journey 1:09:00 - Outro Instagram of Jivraj: instagram.com/jivrajsinghsachar #indiansiliconvalley​ #isv​ #indiansiliconvalleypodcast​ #isvpodcast​ #jivrajsinghsachar​ #entrepreneurship​ #startups​ #finance​ #leadership​