Home / Knowledge / News / Apparel/Garments / Lakeland expects double digit growth from foreign operations
Lakeland expects double digit growth from foreign operations
27
Oct '08
Lakeland Industries Inc announced that, through its recently acquired Brazilian subsidiary Qualytextil, the Company has received a contract worth approximately US$700,000 from Neo Energy Group, a major holding company in Brazil owning several electric utilities, for customized protective clothing.

This award builds upon existing business with Lakeland and is representative of the high-caliber customers doing business with Qualytextil. Neo Energy will be using Lakeland garments for fire protection and electric arc exposure.

"We continue to experience robust business conditions at our high growth international operation," said Chris Ryan, the CEO of Lakeland. "Today's announcement marks the third major contract that we have received in the month of October from Brazil."

"Moreover, we believe that in the face of slower economic conditions in many developed nations around the world, the strategy we began implementing nearly two years ago to diversify our revenue base outside of the United States is gaining meaningful traction, particularly in Latin America, China and India where GDP growth will slow but will still be considered robust by U.S. standards. We expect continued strong unit growth from our international operations."

With an in-house sales force of 20 employees and nearly 30 outside sales representatives, Qualytextil covers the entire country of Brazil, selling directly to end users. Qualytextil markets products to major state-owned companies and agencies and the main oil and chemical companies.

The Brazilian operations, including manufacturing, sales and marketing, warehousing, and distribution, benefit from State provided tax incentives, favorable labor rates, and proximity to economical transportation for local and international distribution of garments. Lakeland expects its Brazilian sales and operating earnings to remain strong in their local currency for the Company's fiscal third quarter ended October 31, 2008. Exchange rate fluctuations, such as the recent strengthening of the U.S. dollar against the Brazilian Real, may impact the Company's consolidated financial results.

Lakeland Industries Inc


Must ReadView All

Trump signs revised free trade agreement with S Korea

Textiles | On 25th Sep 2018

Trump signs revised free trade agreement with S Korea

President Donald Trump signed a revised free trade agreement with...

L-R: Jonathan Akeroyd, Donatella Versace, John D Idol. Courtesy: Rahi Rezvani

Fashion | On 25th Sep 2018

Michael Kors to acquire Versace; to be renamed Capri

Michael Kors Holdings Limited, a global fashion luxury group, has...

'India can take up lack of capacity in US, China markets'

Textiles | On 25th Sep 2018

'India can take up lack of capacity in US, China markets'

India can now take up the lack of capacity in the US and Chinese...

Interviews View All

Top executives, Retailers

Top executives
Retailers

Weak rupee breeds inflation

Amardeep Singh, Orient Craft

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli, Epson, For.Tex & F.lli Robustelli

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search