Reliance Retail has acquired footwear and apparel brand V Retail, further strengthening its position in the apparel market.
V Retail, which manages the “Centro Style” chain, has 32 Centro stores across India, in Andhra Pradesh, Telangana, and Karnataka.
“Reliance Retail also strengthened its product offerings with the acquisition of V Retail (Centro Footwear),” the company said in its latest financial report.
The financial terms of the transaction were not disclosed by the company.
V Retail established itself as one of South India’s major retail, distribution, and franchising firms. The company’s objective is to deliver lifestyle products in a variety of areas and at a variety of pricing.
Last year, Reliance Retail acquired outright Metro Cash & Carry India (Metro India), a wholly owned subsidiary of German retail company Metro AG, for $344 million.
In addition, the group launched a new fashion and leisure department store concept called ‘Reliance Centro’, with the goal of expanding its access to mid-high income customers and democratising fashion in India.