Reliance Retail Ventures Limited (RRVL) has obtained amanté, a retail undies enterprise of MAS Brands, the Sri Lankan primarily based totally business enterprise stated on November 12.
“Reliance Retail Ventures Limited (“RRVL”), has obtained one hundred percentage of the retail undies groups below the amanté umbrella logo from MAS Brands, an entirely owned subsidiary of MAS Holdings, Sri Lanka, it stated in a press release.
The acquisition of the ‘amante’ enterprise, through RRVL, India’s biggest retailer, is any other step in its adventure of presenting advanced layout led merchandise and compelling cost proposition for clients.
The ‘amanté enterprise’, which turned into installed through MAS in 2007/8, engages withinside the retail and wholesale distribution of top rate undies manufacturers ‘amanté’, ‘Ultimo’ and ‘each dé through amanté’.
The merchandise are bought via its personal shops and multi-logo outlets, in addition to via its e-trade channels throughout India and Sri Lanka.
Isha Ambani, Director, Reliance Retail Ventures Limited, stated, “At Reliance, we satisfaction ourselves in presenting the excellent and improving selections to our clients. We are proud to feature the excessive pleasant, layout-led style and life-style logo ‘amante’ to our portfolio.”
“MAS is a well-identified product innovator and producer for a number of the long-lasting international manufacturers on this segment – the partnership and collaboration we construct collectively with them will provide Indian clients international elegance product pleasant and extra selections on this segment,” she added.
MAS Co-Founder Ajay Amalean, who turned into immediately accountable for overseeing the amanté enterprise from its inception, stated, “This turned into a enterprise MAS constructed from the floor up, leveraging on years of know-how withinside the undies enterprise, so we’re excited to look it transition to new shareholders and a discern business enterprise that, with out doubt, will permit the logo and the business enterprise to thrive.”
“The groups at MAS Brands are excited at the brand new possibilities and potentialities that this acquisition brings approximately and are awaiting the strategic benefits and new getting to know as a way to come from operating as a part of a retail massive including Reliance,” Vivek Mehta, the CEO of MAS Brands India stated.
Meanwhile, RRVL had obtained a minority stake in Actoserba Active Wholesale, which owns and operates on-line undies keep Zivame.
On October 19, RRVL obtained a fifty two in keeping with cent stake in veteran couturier Ritu Kumar’s corporation Ritika Pvt Ltd for an undisclosed amount.
Besides, Reliance Brands Ltd (RBL) has introduced to select out a forty in keeping with cent minority stake in famend style fashion dressmaker Manish Malhotra’s MM Styles Pvt Ltd.
RRVL, a subsidiary of RIL, is the conserving business enterprise of all of the retail businesses of the Reliance Group.
RRVL had pronounced a consolidated turnover of Rs 1,57,629 crore for the yr ended March 31, 2021.