Reliance Retail Ventures Limited (RRVL) has announced the 100 percent stake of retail lingerie businesses under the ‘amante’ umbrella brand from MAS Brands for an undisclosed amount. The MAS Brands is a wholly-owned subsidiary of Sri Lanka-based MAS Holdings.
RRVL is the retail arm of Mukesh-Ambani-led Reliance Industries Ltd.
The ‘amante business’ was established by MAS in 2007 and is engaged in retail and wholesale distribution of premium lingerie under brands ‘amante’, ‘Ultimo’ and ‘every de by amante’. The products are sold across India and Sri Lanka through company-owned stores and multi-brand outlets, as well as through its ecommerce channels.
RRVL director Isha Ambani said, “We are proud to add the high quality, design-led fashion and lifestyle brand amante to our 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 ‘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.”
MAS co-founder Ajay Amalean 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.”
RRVL will continue to collaborate and partner with MAS to leverage its design-to-delivery capabilities in sustainable manufacturing and product innovation, the company statement said.
RRVL has in the past few months done a couple of acquisitions, starting with acquiring a minority stake in Actoserba Active Wholesale which owns and operates online lingerie store Zivame.In October, RRVL acquired a 52 percent 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 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.
