Reliance Retail Ventures Limited (RRVL) has acquired MAS Brands’ retail lingerie business Amante, the Sri Lanka-based company said on November 12.
“Reliance Retail Ventures Limited (“RRVL”) has acquired 100 per cent of its retail lingerie businesses under the Amante Umbrella brand from MAS Brands, a wholly owned subsidiary of MAS Holdings, Sri Lanka, it said in a press release.
The acquisition of the ‘Amante’ business by RRVL, India’s largest retailer, is another step in its journey of offering superior designed products and attractive value proposition to the customers.
Established in 2007/8 by MAS, ‘Amante Business’ is engaged in retail and wholesale distribution of premium lingerie brands ‘Amante’, ‘Ultimo’ and ‘Every Day by Amante’.
The products are sold through its own stores and multi-brand outlets as well as through its e-commerce channels across India and Sri Lanka.
Isha Ambani, Director, Reliance Retail Ventures Ltd. said, “At Reliance, we pride ourselves on providing the best and best options to our customers. We are proud to add to our portfolio the high quality, design based fashion and lifestyle brand ‘Amante’. Proud to be.”
He said, “MAS is a well recognized product innovator and manufacturer for some of the iconic global brands in this segment – Partnerships and Collaborations We will partner with them to provide Indian customers with world class product quality and greater choice in this segment. “
MAS co-founder Ajay Amalian, who was directly responsible for overseeing the Amante business from its inception, said, “It was a business that was built from the ground up, leveraging years of expertise in the lingerie business. So we are excited to see this transition to new shareholders and a parent organization that will, without a doubt, enable the brand and the company to flourish.”
Vivek Mehta, CEO, said, “The teams at MAS Brands are excited by the new opportunities and prospects that this acquisition brings about and are looking forward to the strategic benefits and new learnings that come from working as part of a retail sector like Reliance. Will come.” MAS Brands India said.
Meanwhile, RRVL had acquired a minority stake in Ectocerba Active Wholesale, which owns and operates online lingerie store Jivam.
On October 19, RRVL acquired a 52 per cent stake in Ritika Pvt Ltd, the firm of veteran couturier Ritu Kumar, for an undisclosed amount.
In addition, Reliance Brands Limited (RBL) has announced to take 40 percent minority stake of renowned fashion designer Manish Malhotra in MM Styles Pvt Ltd.
RIL’s subsidiary RRVL is the holding company of all the retail companies of Reliance Group.
RRVL had recorded a consolidated business of Rs 1,57,629 crore for the year ended March 31, 2021.
Disclaimer: “Reliance Industries Limited is the sole beneficiary of the Independent Media Trust that controls Network18 Media & Investments Limited.”
read all breaking news, breaking news And coronavirus news Here. follow us on Facebook, Twitter And Wire,
,