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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2673

All of Sri Lanka” sales roaring

Colombo, 14 May, (Asiantribune.com):

Sri Lanka’s only national Gift & Souvenir Boutique has notched increased sales in Q1-and aims for huge Rs 01Bn turnover this year by leveraging the country’s growth in tourism.

“I am pleased that Laksala has shown increasing sales growth. I believe Laksala can achieve Rs one Billion in 2016” said a satisfied Minister of Industry and Commerce Minister Rishad Bathiudeen on 11 May in Colombo.

Minister Bathiudeen, under whose purview Laksala falls, was remarking after upon being briefed on 11 May by DG/CEO of Sri Lanka Handicraft Board Laksala Ali Ahlam Nawaz on Laksala’s latest performance numbers.

• Laksala Q1 sales surge by 12%
• ‘Go for Rs 1Bn this year!’-Rishad
• Supplier returns too rise by huge 217%
• Upmarket store coming in Racecourse Arcade
• ‘Valentines, Avurudhu helped’-CEO Nawaz
• Pins ’16 growth on Tourism

Laksala, the only state owned Gift & Souvenir Boutique whose sales slogan is “All of Sri Lanka”, was established under the National Crafts Council and Allied Institutions Act of 1982. Today Laksala operates 14 showrooms / branches located island-wide. As a novel concept, Laksala has recently finalized arrangements to convert its showrooms in Colombo 7 Racecourse Promenade and Katubedda to offer a wider range of exclusive handloom products with attractive price points.

“I am pleased that Laksala has shown a positive sales growth trend in Q1 while also increasing supplier payments. According to the latest numbers, Laksala has also paid more than 40% of its Q1 earnings to SME suppliers. We shall continue to maintain our support for our craft SMEs and craft-personnel giving them the best prices that Laksala can. With tourist arrivals targeted at two million, I believe Laksala can achieve a target of over Rs One Billion in 2016” added Minister Bathiudeen.

“Laksala has earned Rs.232.6M during the first quarter ending 31st March which is a growth of 12% as compared to 2015’s 1st quarter. We allocated 43% of their Q1 sales to pay the suppliers at Rs.102Mn. This is a 217% increase in payments to supplier’s compared to 2015’s 1st quarter.

The last quarter of 2015 (October to December) Laksala achieved Rs.196.7Mn -a significant growth of 18% when comparing the 2 quarters. During the 1st quarter of the year 2016 under review purchases of trade stocks worth Rs.115Mn from the craftsman were done” said CEO Nawaz briefing Minister Bathiudeen and added: “Compared to previous year’s 1st quarter it is an increase of 11%. Overall it is a positive growth in all comparisons in the 1st quarter & is a clear sign that the Sri Lanka Handicrafts Board going under the brand name Laksala is showing signs of sparkling under the proper guidance of the new management & going towards the goals entrusted. This remarkable performance could be attributed to the patronage by a cross section of local clientele who were highly conscious of the quality, value for money, customer service and care offered by Laksala. The successful Valentine’s Day and Sinhala & Tamil New Year promotions also helped. We intend to continue Laksala special promotional campaign to coincide with upcoming Vesak, Ramazan, Hadji, Deepawali, and Christmas.”

The vison of Laksala to be the leader in the gift and souvenior market in Sri Lanka to up lift traditional skills in rural areas. Laksala has 14 modern showrooms in strategic locations carrying over 20,000 quality guaranteed items; all manufactured by Sri Lankan craft entrepreneurs, keeping alive the traditional skills whilst infusing modern designs.

- Asian Tribune -

Minister of Industry and Commerce Rishad Bathiudeen (right) and DG/CEO of Sri Lanka Handicraft Board Laksala Ali Ahlam Nawaz (left) meet in Colombo on 11 May.
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