Reliance Retail acquires footwear firm V Retail

Reliance Retail’s net profit in Q3 FY2023 jumped 6.2%.

India-based Reliance Retail bought footwear company V Retail which operates Centro Footwear stores.

In a media release, Reliance Retail said its net profit increased by 6.2% to INR2,400 crores in the third quarter of 2023 which ended in December 2022.

Aside from the acquisition of Sosyo, Lotus Chocolate, the launching of the Independence brand, and the growth momentum of JioMart, Reliance also cited the acquisition of V Retail amongst its strategic progress.

“Reliance Retail strengthened its product offerings with acquisition of V Retail (Centro Footwear),” it said.

V Retail, established in 2009, currently has 31 Centro stores across Andhra Pradesh, Telangana, and Karnataka, 15 of which are just in Hyderabad, according to the Centro website.