Reliance Retail Ventures (RRVL), the retail business of Indian conglomerate Reliance Industries (RIL), has purchased lingerie brand amanté.
Established in 2007, amanté is a wholly owned subsidiary of Sri Lanka-based lingerie manufacturer MAS Holding.
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The company is involved in the retail and wholesale distribution of premium lingerie under several banners, including amanté, Ultimo and every dé by amanté.
The products are available via company-owned stores, multi-brand outlets and online stores in India and Sri Lanka.
The financial terms of the transaction have not been disclosed.
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.
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By GlobalData“RRVL will continue to collaborate and partner with MAS to leverage its design-to-delivery capabilities in sustainable manufacturing and product innovation.”
The acquisition comes after RRVL acquired a minority stake in Actoserba Active Wholesale, which owns and operates online lingerie store Zivame, last year.
Last month, RRVL bought a controlling stake in stake in Ritika, a company owned by Indian designer Ritu Kumar, for an undisclosed sum.
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.”
Last month, RRVL reached a master franchise agreement with US-based convenience store chain 7-Eleven to open 7-Eleven stores in India.
The partnership opened its first Indian store in Mumbai on 9 October.
