Reliance Retail Ventures (RRVL) has paid an undisclosed sum to MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings, for retail lingerie companies under the ‘amante’ umbrella brand. The products are offered in India and Sri Lanka through company-owned stores and multi-brand outlets, as well as through the company’s e-commerce channels.
According to a joint statement released by the two firms, RRVL, the retail arm of billionaire Mukesh Ambani-led Reliance Industries, has acquired 100% ownership of the ‘amante’ brand from MAS. Last year, RRVL bought up a minority stake in Actoserba Active Wholesale, the firm possessing and operating the online lingerie shop Zivame.
In October, RRVL paid an unknown sum for a 52 percent ownership in veteran couturier Ritu Kumar’s firm Ritika. In addition, Reliance Brands (RBL) has announced that it will acquire a 40% minority ownership in Manish Malhotra’s MM Styles.
RRVL, a subsidiary of RIL, is the holding company for the Reliance Group’s retail businesses. For the fiscal year ending March 31, 2021, RRVL had a consolidated turnover of Rs. 1,57,629 crore.
“MAS established this firm from the bottom up, leveraging years of lingerie industry expertise,” said Ajay Amalean, co-founder of MAS. “We are excited to see it transition to new shareholders and a parent organisation that, without a doubt, will enable the brand and the company to thrive.”