Reliance Retail Ventures Limited (RRVL) has acquired retail lingerie businesses under the 'amante' umbrella brand from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings, for an undisclosed amount.
The 'amanté business', which was established by MAS in 2007, is engaged in retail and wholesale distribution of premium lingerie under brands 'amanté', 'Ultimo' and 'every dé by amanté'.
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, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Ltd, has acquired 100 per cent stake of 'amante' brand from MAS, according to a joint statement issued by the two companies.
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 '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."
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 statement said.
Last year, RRVL had acquired a minority stake in Actoserba Active Wholesale, which owns and operates online lingerie store Zivame.
In October, RRVL acquired a 52 per cent 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 per cent 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.
(With PTI Inputs)