With this purchase of the footwear and apparel brand, Reliance Retail has further strengthened its position in the apparel market.
V Retail is the manager of the “Centro Style” chain, which has 32 Centro stores across India in locations such as Andhra Pradesh, Telangana and Karnataka.
While the financial aspects of the deal were not disclosed, Reliance Retail said in its latest financial report that: “Reliance Retail also strengthened its product offerings with the acquisition of V Retail (Centro Footwear).”
This latest acquisition follows one last year where Reliance Retail acquired outright Metro Cash & Carry India (Metro India), a wholly-owned subsidiary of German retail company Metro AG, for $344M.
