Sri Lanka-based lingerie firm MAS Brands is planning to set up a network of 100 stores in India within the next three to five years to strengthen its position in the South Asian market.

MAS Brands India CEO Vivek Mehta was quoted by the Press Trust of India (PTI) as saying: "Our aspiration is to be the leading intimate wear brand in the whole of South Asia.

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“We are currently looking for acquisition options. The brands can be in the premium category or one step below that.”

Aiming to enhance its portfolio in the country, the company is set to introduce UK-based lingerie brand Ultimo next month.

"The company is planning to achieve a projected turnover of INR1.5bn ($23.33m) in the current financial year."

The company is also planning to achieve a projected turnover of INR1.5bn ($23.33m) in the current financial year, while focusing on a younger consumer base.

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Operating the Amante brand since 2007, MAS Brands India currently operates ten exclusive stores. The new additions are expected to appear in 15-20 cities across the country. The company is open to raising funds from investors in the future to support its expansion plans.

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Mehta further added: "At this point, we are fairly open to it. At present, our parent is supporting investment for expansion. Though we are not actively seeking investment, but in future we may need to open new avenues to support growth plans."

Apart from India, the Amante brand is currently available in Sri Lanka, the Maldives, and Pakistan.