Reliance Retail acquires ‘amanté ’ business of MAS Holdings

Reliance Retail acquires ‘amanté ’ business of MAS Holdings
Reliance Retail acquires ‘amanté ’ business of MAS Holdings

Reliance Retail acquires ‘amanté ’ business of MAS Holdings

Mumbai, November 12, 2021: MAS Holdings has announced that Reliance Retail Ventures Limited (“RRVL”), has acquired 100% of the retail lingerie businesses under the ‘amante’ umbrella brand from MAS Brands, a wholly owned subsidiary of MAS Holdings, Sri Lanka.

The ‘amanté business’, which was established by MAS in 2007/8, engages in the retail and wholesale distribution of premium 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.

The acquisition of the ‘amante’ business, by RRVL, India’s largest retailer, 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.

Ms. 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 ‘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” 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 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.

“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.

About Reliance Retail Ventures Limited:

RRVL is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of ₹157,629 crore ($ 21.6 billion) and net profit of ₹5,481 crore ($ 750 million) for the year ended March 31, 2021.

RRVL is the largest and the most profitable retailer in India with the widest reach. It has been listed among the fastest growing retailers in the world in the Deloitte’s Global Powers of Retailing 2021 index. It is ranked 53rd in the list of Top Global Retailers and is the only Indian Retailer to feature in the Top 100.

About MAS Group

MAS Holdings manages a portfolio of businesses with a revenue of USD 2 billion and is one of the world’s most recognized design to delivery solution providers in the realm of apparel and textile manufacturing, with over 30 years in operation. It is the largest apparel and textile manufacturer in South Asia. The organization is head- quartered in Sri Lanka with 52 manufacturing facilities placed across 16 countries, design locations placed in key style centers across the globe and over 100,000 people involved in its operation. The seamlessly integrated supply chain and the strategically placed design houses gives MAS the knowledge, the means, and the speed to deliver what is demanded by the ever-changing industry. MAS Holdings owns and manages a diverse portfolio of businesses across wearable technology, Femtech, medical apparel, start-ups, and fabric parks worldwide.

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Key Contacts:

Reliance Retail: Manish Bhatia;
MAS Holdings: Surein de S. Wijeyeratne;

MAS Holdings