India’s leading retail company Reliance Retail Ventures Limited (RRVL) has acquired 100 per cent stake of retail lingerie businesses under the ‘amante’ umbrella brand from MAS Brands.
MAS Brand is a wholly-owned subsidiary of Sri Lanka-based MAS Holdings. Amount of the deal has not been undisclosed.
14-year-old amanté business is engaged in retail and wholesale distribution of premium lingerie under brands ‘amanté’, ‘Ultimo’ and ‘every dé by amanté’. The products are sold through company-owned stores and MBOs, as well as through its e-commerce channels across India and Sri Lanka.
A joint statement issued by both companies says that RRVL will continue to collaborate and partner with MAS to leverage its design-to-delivery capabilities in sustainable manufacturing and product innovation.
“The acquisition by Reliance ensured that ‘amante’ would benefit from Reliance’s scale and retail expertise, and that the brand we created and our employees in India and Sri Lanka will continue to benefit from being a part of a well-established retail company,” said MAS Holdings chairman Mahesh Amalean.
It is pertinent to mention here that RRVL had acquired a minority stake in Actoserba Active Wholesale, which owns and operates online lingerie store Zivame. In October, RRVL also acquired a 52 per cent stake in veteran couturier Ritu Kumar’s firm Ritika Pvt. Ltd.
Reliance Brands Ltd. (RBL) has announced to pick a 40 per cent minority stake in renowned fashion designer Manish Malhotra’s MM Styles.
RRVL, a subsidiary of RIL, is the holding company of all the retail companies of all the retail companies of the Reliance Group.
RRVL had reported a consolidated turnover of Rs. 1,57,629 crore for the year ended 31 March 2021.
