MAS Holdings stands as a beacon of innovation, tracing its roots back to a lineage steeped in textile mastery. Established in 1986 by three visionary brothers who ventured forth from their family’s storied legacy, the company has since burgeoned into a global powerhouse valued at an impressive US $2 billion. With a presence spanning across 14 countries and manufacturing operations in 8, MAS Holdings serves as a pivotal partner to renowned brands, including industry titans like Nike, Lululemon, and Victoria’s Secret. Embracing the ethos of forward integration, the company boasts a comprehensive infrastructure, encompassing everything from fabric mills to intricate apparel components like elastics, lace hooks, bra cups, etc. Over its illustrious journey, MAS Holdings has not only pioneered excellence in fashion manufacturing but has also fostered a culture of empowerment and community enrichment. With a steadfast commitment to nurturing talent and driving innovation, MAS Holdings continues to redefine the boundaries of the fashion industry and shaping a future where creativity and commerce converge seamlessly.
During an exclusive interview with Sanya Arora of IMAGES Business of Fashion, conducted at the prestigious 23rd edition of the India Fashion Forum in Bengaluru this year, Malik Ahamadeen, the Chief Growth Officer & India Country Head for MAS Holdings, provided insightful revelations regarding the company’s trajectory of growth and expansion.
With a steadfast eye on the future, MAS Holdings has strategically positioned itself within the vibrant landscape of India for three decades. With two manufacturing hubs nestled in Chennai and an additional two development sites, the company has firmly established its presence in this burgeoning market. Malik Ahamadeen, Chief Growth Officer & India Country Head, articulated the company’s vision at the 2024 India Fashion Forum, emphasizing India’s pivotal role in MAS Holdings’ expansion strategy. ”We have big plans for India and we feel that after Sri Lanka that India should be maybe our most important destination,” Malik affirmed, underscoring the country’s significance as a linchpin in the company’s global roadmap. Beyond catering to the discerning Indian consumer market, MAS Holdings envisions leveraging India’s robust infrastructure as a springboard for international exports. This dual-pronged approach underscores the company’s commitment to harnessing India’s immense potential as both a domestic powerhouse and a gateway to the global market.
Diversified Portfolio
Today, the company boasts a diverse portfolio, with majority of its revenue coming from innerwear and lingerie, and the remaining 50% from athleisure and sportswear. Malik attributed this success to the company’s ability to adapt to changing consumer trends and preferences. “For three decades, our identity was synonymous with lingerie manufacturing. Victoria’s Secret, Triumph, and other esteemed lingerie brands gravitated towards Sri Lanka, laying the foundation for our journey. However, as the industry evolved, so did consumer demands. The emergence of sportswear and athleisure prompted us to diversify our offerings. Thus, ‘active’ emerged as a natural progression, culminating in strategic ventures in collaboration with Speedo,” Malik said.
“While our origins lie in lingerie, we’ve metamorphosed into a comprehensive supplier across all categories. Nevertheless, our forte remains in bodywear, crafting garments that intimately embrace the skin,” he added.
MAS Holdings proudly serves as a manufacturer for athletes taking part in esteemed global events such as the Olympics and the World Cups, catering to the specialized needs of professional athletes.
Sustainability at the Forefront
Malik emphasized on the importance of sustainability in the company’s business strategy. MAS Holdings has been running sustainability programs for over three decades, focusing on empowering women and reducing environmental impact. The company aims to generate 50% of its revenue through sustainable products by 2025, using eco-friendly materials and manufacturing methods. “Our aim is to have 50% of our revenue generated through products made from sustainable materials or manufactured using eco-friendly methods. Additionally, we commit to restoring the biodiversity within a land area 100 times the size of the space we occupy for our operations, through initiatives like our unique ‘seed bombing’ reforestation program are carried out in partnership with local authorities and the Sri Lankan Air Force. This reflects our dedication to sustainability, with a ratio of one to a hundred in our efforts towards biodiversity restoration and environmental conservation,” Malik revealed.
“MAS is also committed to exploring renewable energy solutions and has implemented extensive solar power projects since 2017, and is currently Sri Lanka’s largest generator and supplier of roof-mounted solar energy. Sustainability is integral to our ethos, not just because of market demands, but because it’s the right thing to do,” said Malik, emphasizing their commitment to eco-conscious practices. This steadfast commitment resonates with the company’s partners, reinforcing its reputation as a conscientious industry leader.
Innovative Solutions for a Changing Market
Innovation lies at the heart of MAS Holdings’ ethos, as Malik, elucidated on the company’s pioneering endeavors. “We work on closed-door product launches with brands,” he revealed, unveiling the meticulous process behind the scenes. “Some of those are in the market now, some will come in the future.” Emphasizing the intricate timelines involved in collaborations, he elaborated, “Working with a professional athlete, for instance, requires years of preparation. For the Paris Olympics, we would have started work three years ago.” Malik’s insights shed light on the meticulous planning and foresight required for such endeavors, underscoring the company’s dedication to excellence.
Among MAS Holdings’ array of innovations, one standout is ‘Planetones,’ a natural dye solution that revolutionizes color sustainability. “This 100% natural dye solution uses all natural colour schemes such as cranberry and achiote, and is the first of its kind to be certified by The Control Union,” Malik declared. “The Planetones colour palette includes 32 vibrant shades. Compared with a synthetic dye, water and energy saving are estimated at approximately 30% and 15%, respectively, boasting a significant reduction of chemical load to effluent and zero toxic chemicals.” This proprietary technology not only sets MAS Holdings apart from its competitors but also holds transformative potential beyond the textile industry. “It could be used across other industries also,” Malik noted, highlighting its versatility in applications ranging from electronics to plastics. Such visionary initiatives underscore MAS Holdings’ commitment to pushing the boundaries of possibility, driving innovation and sustainability across diverse sectors.
Furthermore, Malik accentuated the company’s holistic approach to innovation, rooted in proprietary technologies and forward-thinking solutions. “In our case, we have backward integration, bringing more to the table than just garment production,” he explained. From cutting-edge technologies like period panties, to specialized capabilities in bra cups and silicon bonding, MAS Holdings maintains a competitive edge in the industry. “I think because of that we still have some edge over most others, but it’s very demanding and very tough at this point,” Malik asserted, acknowledging the demanding nature of the competitive landscape.
In essence, MAS Holdings’ commitment to innovation extends far beyond conventional boundaries, encompassing groundbreaking technologies, meticulous planning, and a relentless pursuit of excellence. As Malik’s insights revealed, the company’s pioneering spirit continues to drive transformative change, shaping the future of the fashion industry and beyond.
Materials Selection and Sourcing: A Delicate Balance of Quality and Value
In a nuanced exploration of MAS Holdings’ approach to materials selection and sourcing, Malik provided illuminating insights into the company’s meticulous processes. “We work with multiple different brands,” Malik affirmed, emphasizing the diverse range of considerations that inform their material choices. For brands like Lululemon, renowned for their emphasis on fabric quality, the touch and feel of the garment take precedence. “It’s all about the touch and feel,” Malik explained, highlighting the premium placed on comfort and tactile experience. Delving deeper into consumer preferences, he observed, “The consumer is willing to pay a little more for that extra feel and comfort,” underscoring the value placed on sensory satisfaction.
“In the case of tights, there’s a noticeable difference between our $140 premium options and those priced at $50. It all comes down to the fabric quality. Consumers often prioritize comfort and are willing to invest accordingly,” Malik explained with an instance.
As the conversation shifted towards sourcing practices, Malik offered a comprehensive overview of MAS Holdings’ global supply chain. “We still buy from the Far East, especially China, Korea, and Taiwan,” he revealed, acknowledging the strategic significance of these markets in their sourcing ecosystem. However, the company’s commitment to diversification is evident in their utilization of fabrics from India and Sri Lanka as well. “Almost 50% of the fabrics still come from the Far East,” Malik noted, highlighting the balance struck between quality, affordability, and geographical diversity in their sourcing strategy.
Through Malik’s elucidation, it became clear that MAS Holdings’ materials selection and sourcing practices are guided by a nuanced understanding of market dynamics, consumer preferences, and ethical considerations. By prioritizing quality, comfort, and sustainability while maintaining a global outlook, the company continues to set industry benchmarks in textile manufacturing.
Inventory Management Solution for Brands
“Our key selling point lies in our full-service model,” Malik asserted, emphasizing their commitment to brand success. Addressing the challenges plaguing retailers, he elucidated, “One of the biggest issues in global retail is holding large inventories that don’t move.” MAS Holdings addressed this dilemma head-on by offering tailored solutions to optimize inventory management. “We have algorithms and tools that, with access to shop flow data, enable timely replenishment in season, in color, and in the right size,” Malik elaborated. By empowering brands to make informed purchasing decisions and mitigate inventory risks, the company revolutionizes retail dynamics. As Malik concluded, “To navigate the complexities of modern retail, brands must collaborate with backend partners like MAS Holdings, equipped with the expertise to drive success in a competitive market.”
Forging Partnerships in India
Malik expressed his enthusiasm for the Indian market, citing the company’s collaboration with top brands like Tata Trent, Reliance, and Aditya Birla. He also mentioned the company’s plans to explore other parts of India for manufacturing and its commitment to the government’s $100 billion export strategy. “Currently, we work with almost all the top brands,” Malik affirmed, underscoring their diverse portfolio of partnerships. From local giants like the Tata Trent group, encompassing Zudio and Westside, to Reliance’s brands such as Amante and Clovia, MAS Holdings boasts a robust presence in the Indian market. Malik elucidated, “Then you get the international brands that also produce here. Jockey, Decathlon, H&M.” These global collaborations transcend borders, with MAS Holdings catering to both local and international brands alike. Highlighting their prowess in servicing high-end labels, Malik mentioned, “Even international brands like Wacoal, for instance.”
However, the company’s ambitions extend beyond domestic borders, as Malik revealed their aspirations for international expansion. “Some of the other international brands want us to also produce for them in India for export,” he explained, pointing to the allure of India’s duty-free status in multiple Asian countries. With the Indian government’s push for a $100 billion export strategy, MAS Holdings is poised to capitalize on this momentum. Malik expressed, “So we are talking to a lot of exciting brands, some new brands. Nykaa, for instance, is an exciting Indian brand.”
This strategic outlook underscores MAS Holdings’ commitment to fostering mutually beneficial partnerships. “There are brand ambassadors and brand owners who have a vision and a thought in the front, but I think we have everything else at the back to make them successful,” Malik asserted.
Insights into Market Fluctuations
In a reflective dialogue, Malik shared insights into the company’s performance amidst shifting market dynamics. “The last five years have been very interesting,” Malik remarked, encapsulating a period marked by both challenges and opportunities. Amidst global upheavals, including the COVID-19 pandemic, consumer buying patterns have undergone significant transformations. “All the large brands that had a grip of the market have lost some grip,” Malik observed, highlighting the emergence of new players disrupting the status quo. This paradigm shift, while unsettling for established brands, heralds a boon for consumers, who now enjoy a plethora of choices. Malik noted, “Influencer-led brands are giving something different, something unique,” reflecting on the evolving retail landscape.
However, behind the veneer of consumer delight lays a tale of struggle for manufacturers. Malik elucidated, “It’s been very, very tough on the manufacturer because the demands, the buying patterns, the influence from how retail buys to versus how we produce, the gap, the lead times, and everything has changed.” This seismic shift necessitates adaptability, with nimble companies poised to weather the storm. “The more nimble companies will probably survive,” Malik opined, underlining the imperative of agility in the face of adversity. Yet, amid tales of resilience, echoes of struggle reverberate. “Unfortunately, some others have struggled over the last three, four years,” Malik lamented, acknowledging the harsh realities of a volatile market landscape.
Conclusion
In closing, Malik encapsulated MAS Holdings’ strategic vision, emphasizing the company’s commitment to India as a pivotal destination for growth and innovation. “The south of India is still our capability hub, but we are also exploring other parts of India for manufacturing,” Malik revealed, underscoring the company’s enthusiasm for expanding its footprint in the region. With a dual role as India CEO and Chief Growth Officer, Malik embodies MAS Holdings’ unwavering dedication to harnessing India’s immense potential and charting a course towards sustainable success.
