RRVL, the retail arm of Indian billionaire Mukesh Ambani, has acquired a 100% stake in the Sri Lankan brand amanté from MAS Holdings
RRVL, the retail arm of Indian billionaire Mukesh Ambani, has acquired a 100% stake in the Sri Lankan brand amanté from MAS Holdings. MAS Holdings announced that one of its subsidiaries, MAS Brands, which owns and operates the retail lingerie business under the brand amanté, was acquired by Reliance Retail Ventures Limited, a subsidiary of the Ambani-owned Reliance Industries, Sri Lankan media reported.
The ‘amanté business’, which was established by MAS in 2007, is engaged in retail and wholesale distribution of premium lingerie under brands ‘amanté’, ‘Ultimo’ and ‘every dé by amanté’.
The products are sold through company-owned stores and multi-brand outlets, as well as through its e-commerce channels across India and Sri Lanka.
This is a significant foreign investment in a Sri Lankan-owned lingerie business by a retail giant, which in turn, is owned by one of India’s leading and diversified conglomerates, Reliance Industries. Reliance Retail will continue to invest and develop the business both in India and Sri Lanka, UNI news agency said.
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.”
MAS Holdings chairman Mahesh Amalean said, “The acquisition by Reliance ensured that ‘amanté’ 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.”
“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” added MAS Co-Founder Ajay Amalean, who was directly responsible for overseeing the amanté business from its inception, media reported.