Apr 08, 2011 (LBO) – Sri Lankan apparel exporter MAS Holdings has said sales of its Amante lingerie brand are growing strongly in India and that it hopes to break even in the market this year. “We’re having phenomenal growth in India, averaging 40 percent,” said Ajay Amalean, director, MAS Holdings.
“The category itself is growing at 10 percent. We hope to be operationally breaking even this year. Our competitors are struggling to break even even after being in the market place for 8-10 years.”
MAS, which supplies top international brands like Victoria’s Secret, Nike, GAP and M&S, launched Amante (meaning lover in Italian) in India in 2007.
“We believed we had the right skills, manufacturing excellence, a very reliable supply chain, and design and development skills,” Amalean told the LBR-LBO CEO Forum on placing Sri Lanka on the world map and the role of CEOs.
The forum, organised by Vanguard Management Services, was held at the Cinnamon Lakeside hotel and attended by company chief executives and other senior corporate officials.
“We also felt we were in the right market place,” Amalean said, “That’s why we launched in India – it had economies of scale, geographica