Reliance Retail bags 'amante' business of MAS Holdings, Sri Lanka
By: Asia Business Outlook Team | Friday, 12 November 2021
Reliance Retail Ventures Limited ("RRVL") has acquired 100 per cent of the retail lingerie businesses under the 'amante' umbrella brand from MAS Brands, a wholly owned subsidiary of MAS Holdings, Sri Lanka.
The 'amante business', which was established by MAS in 2007/8, engages in the retail and wholesale distribution of premium lingerie brands 'amante', 'Ultimo' and 'every de by amante'. The products are sold through its own stores and multi-brand outlets, as well as through its e-commerce channels across India and Sri Lanka.
Isha Ambani, Director, Reliance Retail Ventures Limited, said, "At Reliance, we pride ourselves in offering the best and enhancing choices to our customers. 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."
"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," stated Mahesh Amalean, Chairman MAS Holdings.
"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 its transition to new shareholders and a parent organisation that, without doubt, will enable the brand and the company to thrive," added MAS Co-Founder Ajay Amalean, who was directly responsible for overseeing the 'amante' business from its inception.
"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, the CEO of MAS Brands India.
The acquisition of the 'amante' business, by RRVL, is another step in its journey of offering superior design led products and compelling value proposition for customers. RRVL will continue to collaborate and partner with MAS to leverage its design-to-delivery capabilities in sustainable manufacturing and product innovation.