(Filed Under Financial and General Interest News). AS Silvano Fashion Group, an international lingerie distribution company, reported that profits in the third quarter of 2011 doubled from the comparable period last year, rising to €8.36 million, or approximately $11.36 million.
Retail sales grew 4.7 percent, while the wholesale sector increased 22.9 percent. For the first nine months of 2011, overall sales were up 19.5 percent compared to the first three quarters of 2010.
The company stated that strong sales were due in part to consumer demand in Russia — Silvano Fashion’s core market — as well as lower production costs due to currency devaluation in Belarus.
AS Silvano Fashion Group targets markets in Russia, Belarus, the Baltic States and Ukraine with the design, manufacture, marketing and wholesale of Milavitsa, Alisee, Hidalgo, Lauma Lingerie and Laumelle brands. The company currently operates 53 stores as well as an additional 409 locations through franchising partners.
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