Isha Ambani-led Reliance Retail has acquired Telangana and Andhra Pradesh-based footwear and apparel retailer V Retail Pvt Ltd, which operates a retail chain under the brand name 'Centro Style'.
V Retail operates 32 Centro stores in the markets of Andhra Pradesh, Telangana and Karnataka.
"Reliance Retail strengthened its product offerings with the acquisition of V Retail (Centro Footwear)," said the earning statement from Reliance Industries on Friday. However, the company did not disclose the financial details of the deal.
According to industry sources, the acquisition was completed during the last quarter.
Started in April 2009, as a distribution house, V-Retail is now one of the largest retail, distribution and franchising companies in South India with a strong presence especially in Andhra Pradesh and Telangana.
It is promoted by the distributors of several National and International brands operating in footwear and garments in Andhra Pradesh and Telangana, according to information available on V Retail's portal.
Out of its 31 stores, about 15 Centro stores are in Hyderabad and with a plan to set up 9 more stores in the next six months in the southern and central region of India with a focus on tier-2 and 3 cities, it added.
Reliance Retail is on an expansion spree and in the last 2-3 months it has acquired several brands, including Sosyo, Lotus Chocolate and Campa Cola, as part of its FMCG ambition.
In December 2022, it launched its consumer-packaged goods brand Independence. Under this brand, the company will offer a range of products in several categories, including staples, processed foods and other daily essentials.
Prior to that, the company also announced the acquisition of German firm Metro AG's wholesale operations in India for Rs 2,850 to strengthen its position in India's retail sector.
In its quarterly financial earnings released yesterday, Reliance Retail reported a 6.24 per cent increase in its net profit to Rs 2,400 crore for the December 2022 quarter.
(With PTI inputs)
