Revlon’s investments - no link with FTAs - chairman

While the debate on ILFTA and CEPA, the Indo-Lanka Free Trade Agreement and the proposed Comprehensive Economic Partnership Agreement hots up new Indian investments are streaming into the country irrespective of the agreements.

Revlon, the international colour cosmetic brand last week launched its operations in Sri Lanka, with production facilities and a marketing program. Chairman Modi Revlon, Umash K. Modi told the Sunday Observer that the company didn’t get any advantage under the ILFTA for this investment.

We ventured out as a BOI company and there is no connection to the Free Trade Agreement, he said in response to the question. Modi also said that Revlon Sri Lanka expects to penetrate into other regional markets such as Pakistan. However, he said that the Free Trade Agreement between Sri Lanka and Pakistan would not give any special advantage to his business at present.

The architects of these agreements reiterate that the FTAs would attract investors from other partner countries as well as from other countries to tap the opportunities opened with the FTAs. However, the BOI facilities are still the strongest attraction for investors.

The Umesh K. Modi Group has invested one million US dollars in Sri Lanka and it is one of the leading business organisations in India with a multifaceted portfolio of businesses including sugar, consumer goods, pharmacuticals, cosmetics, sponge iron steel, engineering and power.

Modi said that Revlon will manufacture cosmetic products in Sri Lanka providing employment for around 500 Sri Lankans in the manufacturing and marketing sectors.

“We decided to venture out and our first choice was Sri Lanka. Sri Lanka offers untapped potential in the cosmetics and toiletries market.

We intend to get first players advantage and establish Revlon’s equity in Sri Lanka. Our vision is to make Revlon the most preferred brand of cosmetics in Sri Lanka.India is a very competitive market and we have been successful in the Indian market.

Revlon will replicate its Indian success in Sri Lanka with its Store in Store Strategy by placing exclusive beauty advisors in potential doors to promote and sell its wide range of colour cosmetics”, he said.