Reliance Retail Ventures Limited (RRVL) has bought retail lingerie businesses under the 'amante' umbrella brand from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings. The company has not disclosed the amount involved in the deal. The 'amante business' is engaged in retail and wholesale distribution of premium lingerie under brands amante, Ultimo, and every de by amante.
The products are sold through company-owned stores and multi-brand outlets, as well as through its e-commerce channels across India and Sri Lanka.
RRVL, which is the retail arm of billionaire Mukesh Ambani-led Reliance Industries Ltd, has acquired a 100 percent stake of 'amante' brand from MAS, according to the joint official statement of two companies.
"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," Isha Ambani, Director at RRVL, said.
In the previous year, RRVL had bought a minority stake in Actoserba Active Wholesale, which holds and administers online lingerie store, Zivame.
In October, RRVL bought a 52 percent stake in veteran couturier Ritu Kumar's firm Ritika Pvt Ltd for an undisclosed amount.
"The acquisition by Reliance ensured that 'amante' 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," Mahesh Amalean, Chairman at MAS Holdings, said.
Besides, Reliance Brands Ltd (RBL) has announced to pick a 40 percent 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.