Telangana and Andhra Pradesh-based footwear and apparel retailer V Retail Pvt. Ltd., has been acquired by Reliance Retail. The company operates a retail chain under the brand name ‘Centro Style’. It has 32 stores in the markets of Andhra Pradesh, Telangana and Karnataka.
“Reliance Retail strengthened its product offerings with the acquisition of V Retail (Centro Footwear),” said the earning statement from Reliance Industries. The company declined to discuss the financial details of the deal.
V Retail started in 2009 as a distribution house and has become one of the largest retail, distribution and franchising companies in South India.
Out of 31 Centro stores, about 15 of them are present in Hyderabad and the company plans to set up around 9 more stores in southern and central India in the next six months. These stores will focus mainly on Tier-2 and Tier-3 cities.
Reliance Retail is on a spree of expansion and has recently acquired several brands in the FMCG sector including Sosyo, Lotus Chocolate and Campa Cola.
Last year, it announced the acquisition of German company Metro AG’s wholesale operations in India to strengthen its position in the country’s retail market.
