Reliance India buys Sri Lanka’s amanté lingerie unit from MAS

ECONOMYNEXT – India’s Reliance Retail Ventures Limited has bought MAS Brands, a firm which runs a retail lingerie business under the amanté label, Sri Lanka based apparel group said.

The company sells its product through its own stores multi-brand outlets, and e-commerce channels across India and Sri Lanka.

“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” Mahesh Amalean, Chairman MAS Holdings said in a statement.

The amanté business, was set up by MAS in 2007/8 for retail and wholesale distribution of amanté, Ultimo and everydé by amanté lingerie brands.

MAS Holdings said following a review of its long term strategy in 2018 with a global consultancy a decision was made to exit retail business which was not considered a core competency.

“MAS is a well-recognized product innovator and manufacturer for some of the iconic global brands in this segment,” Isha Ambani, Director, Reliance Retail Ventures Limite was quoted as saying in the satemetn.

..[T]he partnership and collaboration we build together with them will offer Indian customers world- class product quality and greater choices in this segment.”

The transaction value was not disclosed. (Colombo/Nov13/2021)

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