Sneakers’ brilliant performance is being outdone by militar ankle boots, which are driving up sales and profits considerably. Sri Lankan Ceylon Leather Products group is vertically merging tanneries and footwear factories. Looking at the financial statement of the last business year (ended on March 31, though made public at the end of October), their turnover increased by 150%: revenues went up to 1,6 billion rupees (about 8,9 million euros), back to profits after 2015/16 at a loss. The company was founded at the time when the nation was a dominion of the British empire and their major task was to provide the army with footwear. Nowadays Ceylon Leather Products still sell 70% of their manufacturing to the Government. As a matter of fact, last year excellent outcomes derive from commissioned orders coming from the Army. At this point there is no need to ride on the great sneakers as they make a lot of money in a different way. Yet Ceylon Leather Group, who has recently invested 50 million rupees (slightly less than 300,000 euros) in a new sewage disposal plant for their tannery, wants to get independent from business with the Government. Aiming to build up their own economic consistency in the market.
Militar ankle boots outdo sneakers. Sri Lankan group is booming: many thanks to the Army
