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Boosted by double-digit sales growth after it commenced operations in India, Sri Lankan women’s highstreet brand Avirate said it is upbeat about fast-fashion retail.
The company said it is looking at sourcing from India in the near-term, but ruled out the possibility of setting up a manufacturing unit or even diversifying into men’s or kidswear business.
Avirate is owned by the Timex and Fergasam Group whose manufacturing plants across Sri Lanka and Bangladesh make apparels for global brands such as Marks and Spencer, Next, Debenhams, and Victoria’s Secret. The company made its India debut in 2011.
Jahid Osman, Managing Director, Avirate India, said: “We have seen a growth of 48 per cent in our retail business since we started operations here.
“As a brand, we cater to the women’s western wear segment which currently is showing promising growth.”
Avirate was launched in Sri Lanka in 2011. It also has presence in Canada.
The company said it aims to be a ₹100-crore brand in the next two years. Avirate has so far invested ₹25 crore on its Indian business.
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