Reliance Retail acquires footwear and apparel retailer V Retail: Report
Reliance Retail has acquired Telangana and Andhra Pradesh-based footwear and apparel retailer V Retail Pvt Ltd, which operates a retail chain under the brand name 'Centro Style'.
V Retail operates 32 Centro stores in the markets of Andhra Pradesh, Telangana and Karnataka.
"Reliance Retail strengthened its product offerings with the acquisition of V Retail (Centro Footwear)," said the earning statement from Reliance Industries on Friday.
However, the company did not disclose the financial details of the deal.
According to industry sources, the acquisition was completed during the last quarter.
Started in April 2009, as a distribution house, V-Retail is now one of the largest retail, distribution and franchising companies in South India.
It is promoted by the distributors of several National and International brands operating in footwear and garments in Andhra Pradesh and Telangana, said the information available on V Retail's portal.
Out of its 31 stores, about 15 Centro stores a