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, engages in the retail and wholesale distribution of premium lingerie 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.
With the acquisition of the ‘amante’ business, RRVL will continue to collaborate and partner with MAS to leverage its design-to-delivery capabilities in sustainable manufacturing and product innovation.
Ms. Isha Ambani, Director, Reliance Retail Ventures Limited, said, “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.”
Mahesh Amalean, Chairman MAS Holdings, 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, who was directly responsible for overseeing the ‘amanté’ business from its inception 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”
“The teams at MAS Brands are excited at the new opportunities and prospects that this acquisition brings about and are anticipating the strategic advantages and new learning that will come from working as part of a retail giant such as Reliance” said Vivek Mehta, CEO, MAS Brands India.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)