Reliance Retail Ventures Limited (RRVL) has acquired 100 percent stakes retail lingerie businesses under the ‘amante’ inclusive brand from MAS Brands, a completely-owned subsidiary of Sri Lanka-based MAS Holdings, for an undisclosed sum.
MAS launched the ‘amante business’ in 2007 and is focused on the retail as well as wholesale supply of premium lingerie under the labels ‘amante,’ ‘every de by amante,’ and ‘Ultimo.’ The products are marketed in India and Sri Lanka through company-owned stores and multi-brand stores, as well as through major e-commerce channels.
According to a joint statement released by the two firms, RRVL, the retail division of billionaire Mukesh Ambani-led Reliance Industries Ltd, has purchased a 100 percent ownership stake in the ‘amante’ brand from MAS.
The buyout of the ‘amante’ business by RRVL, India’s largest retailer, is another breakthrough in the company’s quest to deliver remarkable design-driven products with compelling value propositions to customers. RRVL will continue working with MAS to maximize its design-to-delivery expertise in sustainable manufacturing and product development.
Mahesh Amalean the Chairman of MAS Holdings 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.”
Isha Ambani, Director of Reliance Retail Ventures Limited (RRVL) also commented on the development saying, “We are proud to add the high quality, design-led fashion and lifestyle brand amante to our portfolio.” Adding further she said, MAS is a well-known product designer and producer for some of the most recognizable worldwide brands in this category; the partnership and collaboration developed via this acquisition with them will serve Indian customers with world-class product quality and increased choices in this segment.
Reliance Industries Ltd (RIL)-owned Reliance Retail Ventures Limited (RRVL), is the holding company for all of the Reliance Group’s retail businesses. For the fiscal year ending March 31, 2021, RRVL had a consolidated revenue of Rs 1,57,629 crore.