India
Reliance
Retail has fully acquired Amanté lingerie brand from its Sri Lankan owner, MAS
Holdings, for an undisclosed amount.
In a press release, Colombo-based
textile company MAS Holdings said Reliance Retail Ventures, the holding company
of India’s largest retailer, “acquired 100% of the retail lingerie businesses
under the ‘Amanté’ umbrella brand from MAS Brandsâ€Â. Amanté is the latest in a
string of acquisitions by Reliance Retail in the last two years.
Established in 2007, Amanté sells
lingerie brands ‘Amanté’, ‘Ultimo’ and ‘every dé by Amanté’ through its own
stores and multi-brand outlets, as well as Reliance Retail, India’s largest
retailer by sales and the number of stores, operates more than 13,000 outlets
nationwide. The stakes are high between Jeff Bezos and Mukesh Ambani in their
fight over a near-bankrupt company through its ecommerce channels in India and
Sri Lanka. MAS Holdings is one of the largest textile manufacturers in South
Asia with facilities in 16 countries. It supplies products to global bigwigs
like Victoria’s Secret and Marks and Spencer
Reliance Retail, India’s largest retailer by sales and the number
of stores, operates more than 13,000 outlets nationwide. Retailers in India are
again shifting to expanding stores amid a full revival in business to the
pre-pandemic levels.
Source: The Economic Times
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