Reliance Retail Ventures Limited (RRVL) acquired lingerie retailer amante from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings, for an undisclosed amount.
The Amante company, founded by MAS in 2007, deals with the retail and wholesale trade of first-class underwear from the amanté brand, Ultimo and every dé by amanté.
The products are sold through its own stores and retail outlets under various brands as well as through e-commerce channels in India and Sri Lanka.
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RRVL, the retail division of Reliance Industries Limited led by Mukesh Ambani, has acquired a 100 percent stake in the “amante” MAS brand, according to a joint statement between the two companies.
RRVL Director Isha Ambani said: “We are proud to add the design-oriented high quality fashion and lifestyle brand amante to our portfolio. MAS is a recognized innovator and product manufacturer for some of the world’s most renowned brands in this segment – the partnerships and collaborations we have established with them will provide Indian customers with world-class high quality products and more choice in this segment.
Mahesh Amalean, Chairman of MAS Holdings, said: “The acquisition by Reliance ensures that amante will benefit from Reliance’s size and expertise in the retail sector and that the brand we have created and our people in India and Sri Lanka will continue to grow as part of the company. one well. – set up a retail company.
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MAS Co-Founder Ajay Amalean said, “This is a MAS company built from the ground up with years of experience in the underwear business to develop brands and companies.
RRVL will continue to partner and collaborate with MAS to leverage its design to delivery capabilities in terms of sustainable manufacturing and product innovation,” the statement read.
Last year RRVL acquired a minority stake in Actoserba Active Wholesale, owner and operator of online clothing store Zivame.
In October, RRVL acquired a 52% stake in fashion veteran Ritu Kumar Ritika Private Limited for an undisclosed amount.
In addition, Reliance Brands Limited (RBL) has announced that it will acquire a 40% minority stake in MM Styles Private Limited owned by renowned fashion designer Manish Malhotra.
RRVL, a subsidiary of RIL, is the holding company for all retail businesses in the Reliance Group. RRVL reported consolidated sales of 1.57,629 for the year ended March 31, 2021.