V Retail, a Telangana and Andhra Pradesh-based footwear and clothing retailer that operates a retail chain under the brand name ‘Centro Style,’ has been bought by Reliance Retail.
V Retail runs 32 Centro shops in the Andhra Pradesh, Telangana, and Karnataka markets.
With the purchase of V Retail (Centro Footwear), Reliance Retail improved its product range, stated Reliance Industries’ earnings statement on Friday.
However, the financial terms of the transaction were not disclosed by the corporation.
V-Retail began as a distribution firm in April 2009 and has since grown to become one of the leading retail, distribution, and franchising enterprises in South India.
According to the information provided on V Retail’s webpage, it is marketed by distributors of many National and International companies operating in footwear and clothing in Andhra Pradesh and Telangana.
It noted that 15 of its 31 Centro stores are in Hyderabad, with a plan to open 9 more in the next six months throughout the southern and central regions of India, with an emphasis on tier-2 and 3 cities.
As part of their FMCG aspirations, Reliance Retail has bought various brands in the previous 2-3 months, including Sosyo, Lotus Chocolate, and Campa Cola.
Independence, its consumer packaged products brand, was introduced earlier in December. The firm will sell a variety of items under this brand, including basics, processed foods, and other everyday necessities.
It also announced last year the acquisition of German business Metro AG’s wholesale operations in India for Rs 2,850 to boost its presence in the Indian retail industry.