A simple but powerful network model with n$$ n $$ nodes and m$$ m $$ partly overlapping layers is generated as an overlay of independent random graphs G1,…,Gm$$ {G}_1,\dots, {G}_m $$ with variable sizes and densities. The model is parameterized by a joint distribution Pn$$ {P}_n $$ of layer sizes and densities. When m$$ m $$ grows linearly and Pn→P$$ {P}_n\to P $$ as n→∞$$ n\to \infty $$, the model generates sparse random graphs with a rich statistical structure, admitting a nonvanishing clustering coefficient together with a limiting degree distribution and clustering spectrum with tunable power‐law exponents. Remarkably, the model admits parameter regimes in which bond percolation exhibits two phase transitions: the first related to the emergence of a giant connected component, and the second to the appearance of gigantic single‐layer components.