Adding a new brand in its kitty, Reliance Retail Ventures Limited (RRVL) has acquired a 100 per cent stake in the retail lingerie businesses under the 'amante' umbrella brand from MAS Brands, a wholly-owned subsidiary of MAS Holdings, Sri Lanka. The 'amanté business', established by MAS in 2007-08, engages in the retail and wholesale distribution of premium lingerie brands 'amanté', 'Ultimo' and 'every dé by amanté'.
The products are sold through its stores and multi-brand outlets, as well as via its e-commerce channels across India and Sri Lanka. A statement said Reliance Retail's acquisition of the 'amante' business "is another step in its journey of offering superior design-led products and compelling value proposition for customers".
RRVL will, however, continue to collaborate and partner with MAS to leverage its design-to-delivery capabilities in sustainable manufacturing and product innovation. The companies have not disclosed the final acquisition amount. Isha Ambani, Director, Reliance Retail Ventures, said the company is proud to add the high quality, design-led fashion and lifestyle brand 'amante' to its 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 said: "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."
Recently, the Isha Ambani-led Reliance Retail Ventures acquired 52 per cent and 40 per cent stakes in popular designer labels of Ritu Kumar and Manish Malhotra, respectively. The Reliance Industries' retail unit acquired a majority stake in Ritu Kumar's popular designer labels to tap on the fast-expanding luxury designer market. Before that, it had bought a 40 per cent stake in a fashion house run by another popular Indian designer, Manish Malhotra.
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