Sri Lanka MAS Holdings mulls stores in India; East Asia entry: report

June 09, 2014 (LBO) – Sri Lanka’s MAS group, a lingerie producer, is mulling an own-store chain in India and expansion into East Asia, a media report said. Press Trust of India, a news agency quoted MAS Holdings Director Ajay Amalean as saying that the group wanted to open up to 20 retail stores over the next two to three years once the India foreign investment policy on retailing is clear.

MAS has been selling its Amanté branded lingerie in India since 2007, through its MAS Brands unit.

“We are targeting Rs 800-1,000 crore (135 to 170 million US dollars turnover by 2020 through a portfolio of brands, including Amante,” Amalean was quoted as saying.

“We are looking at acquiring other brands to increase our reach and product offerings.”

The firm may also look at acquisitions, he said. MAS Holdings was also eyeing Malaysia and Indonesia.