Reliance Retail has fully acquired amante lingerie brand from its Sri Lankan owner MAS Holdings for an undisclosed amount, the Colombo-based textile company said in a press release on Friday.
MAS Holdings said Reliance Retail Ventures Ltd has “acquired 100% of the retail lingerie businesses under the ‘amante’ umbrella brand from MAS Brands,” the company said in a statement.
Amante is the latest in a string of acquisitions by Reliance Retail including online pharmacy Netmeds, furniture and home decor retailer Urban Ladder and the digital lingerie seller Zivame and online grocer MilkBaset among other businesses as Reliance Retail seeks to further consolidate its position in India’s $850 billion annual retail market that is expected to surpassed $1 trillion mark in the next few years.
Established in 2007, amanté sells lingerie brands ‘amanté’, ‘Ultimo’ and ‘every dé by amanté’. 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. MAS Holdings is one of the largest textile manufacturers in South Asia with its manufacturing facilities in 16 countries.
Reliance Retail, India’s largest retailer by sales and the number of stores, operates more than 13,000 outlets nationwide.
