The acquisition of V Retail will enable Reliance Retail to tap the growing footwear market in India
Bengaluru: Reliance Retail has acquired V Retail Pvt Ltd., a South Indian footwear and apparel retailer that operates a chain of retail stores under the brand name Centro Style. The acquisition will enable the retail giant to tap the growing Indian footwear market, said GlobalData in a release. Reliance Retail announced the acquisition of footwear and apparel retailer V Retail Pvt Ltd on 20 January 2023.
“Reliance Retail’s decision to acquire V Retail comes at a time when the footwear market is seeing a pent-up demand from young consumers in the 16–34 years age group, who have been eager to step out of their homes more often, driving the demand for footwear,” said Raviteja Neralla, retail analyst at GlobalData.
Founded in April 2009, V Retail is a retail, distribution, and franchising company based in Telangana and Andhra Pradesh. The brand currently operates 32 stores in the states of Andhra Pradesh, Karnataka, and Telangana under the brand name Centro Style.
“Owing to their exposure to global apparel trends through social media, Indian youth have become more aspirational, fashion-conscious, and open to experimenting. V Retail’s assortment across different price segments caters to this class,” added Narella.
Reliance Retail, an Indian retail company and a subsidiary of Reliance Industries was founded in 2006. Over the past few months, Reliance Retail acquired several brands, including Campa Cola, Lotus Chocolate, and Sosyo. In 2022, the retailer also announced the acquisition of Metro AG’s wholesale operations in the country to increase its share in the Indian retail industry.
The Indian footwear market has recovered from the adverse impact of the pandemic in the recent past and is set to grow significantly in the coming years. According to research by GlobalData the Indian footwear market will grow in value by 13.9%, and 10.2% annually in 2023 and 2024, respectively.