Reliance Retail Ventures Limited (RRVL) has acquired retail lingerie companies beneath the ‘amante’ umbrella model from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings, for an undisclosed quantity.
The ‘amanté business’, which was established by MAS in 2007, is engaged in retail and wholesale distribution of premium lingerie beneath manufacturers ‘amanté’, ‘Ultimo’ and ‘every dé by amanté’.
The merchandise are bought by company-owned shops and multi-brand retailers, in addition to by its e-commerce channels throughout India and Sri Lanka.
RRVL, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Ltd, has acquired 100 per cent stake of ‘amante’ model from MAS, in response to a joint assertion issued by the 2 corporations.
RRVL director Isha Ambani stated, “We are proud to add the high quality, design-led fashion and lifestyle brand amante to our portfolio. MAS is a well-recognised product innovator and manufacturer for some of the iconic global brands in this segment – the partnership and collaboration we build together with them will offer Indian customers world-class product quality and greater choices in this segment.”
MAS Holdings chairman Mahesh Amalean stated, “The acquisition by Reliance ensured that ‘amanté’ 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.”
MAS co-founder Ajay Amalean stated, “This was a business MAS built from the ground up, leveraging on years of expertise in the lingerie business, so we are excited to see it transition to new shareholders and a parent organisation that, without doubt, will enable the brand and the company to thrive.”
“RRVL will continue to collaborate and partner with MAS to leverage its design-to-delivery capabilities in sustainable manufacturing and product innovation,” the assertion stated.
Last 12 months, RRVL had acquired a minority stake in Actoserba Active Wholesale, which owns and operates on-line lingerie retailer Zivame.
In October, RRVL acquired a 52 per cent stake in veteran couturier Ritu Kumar’s agency Ritika Pvt Ltd for an undisclosed quantity.
Besides, Reliance Brands Ltd (RBL) has introduced to choose a 40 per cent minority stake in famend dressmaker Manish Malhotra’s MM Styles Pvt Ltd.
RRVL, a subsidiary of RIL, is the holding firm of all of the retail corporations of the Reliance Group.
RRVL had reported a consolidated turnover of Rs 1,57,629 crore for the 12 months ended March 31, 2021.