MAS Brands, a subsidiary of MAS Holdings, 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.
The amanté business, which was set up by MAS in 2007/8, engages in the retail and wholesale distribution of premium lingerie brands amanté, Ultimo and everydé by amanté.
The company sells its product through its own stores and multi-brand outlets and through its e-commerce channels across India and Sri Lanka.
In 2018, MAS Holdings completed an assignment with a leading global consultancy to develop a long-term strategic plan for the conglomerate, which identified areas of growth based on its core competencies.
The strategy prescribed that MAS source strategic partners for businesses outside of MAS’ core competency. The divestiture of amanté was an outcome of this plan, with MAS intent on finding the right partner to invest in the business enabling it to grow.