Reliance Retail Ventures Limited (RRVL) has acquired amanté, a retail lingerie business of MAS Brands, the Sri Lankan based company said on November 12.
"Reliance Retail Ventures Limited (“RRVL”), has acquired 100 percent of the retail lingerie businesses under the amanté 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 design led products and compelling value proposition for customers.
The ‘amanté business’, which was established by MAS in 2007/8, engages in the retail and wholesale distribution of premium lingerie brands ‘amanté’, ‘Ultimo’ and ‘every dé by amanté’.
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 Limited, said, “At Reliance, we pride ourselves in offering the best and enhancing choices to our customers. We are proud to add the high quality, design-led fashion and lifestyle brand ‘amante’ to our portfolio."
"MAS is a well-recognized 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,” she added.
MAS Co-Founder Ajay Amalean, who was directly responsible for overseeing the amanté business from its inception, said, “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.”
“The teams at MAS Brands are excited at the new opportunities and prospects that this acquisition brings about and are anticipating the strategic advantages and new learning that will come from working as part of a retail giant such as Reliance,” Vivek Mehta, the CEO of MAS Brands India said.
Meanwhile, RRVL had acquired a minority stake in Actoserba Active Wholesale, which owns and operates online lingerie store Zivame.
On October 19, RRVL acquired a 52 per cent stake in veteran couturier Ritu Kumar's firm Ritika Pvt Ltd for an undisclosed amount.
Besides, Reliance Brands Ltd (RBL) has announced to pick a 40 per cent minority stake in renowned fashion designer Manish Malhotra's MM Styles Pvt Ltd.
RRVL, a subsidiary of RIL, is the holding company 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 March 31, 2021.Disclaimer: “Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.”