Abans Group’s journey from corner store to a corporate giant
The Abans Group issued a statement in which it revealed its journey from a corner store to the corporate giant it is today. The statement is as follows:
‘Since 1968 Abans’ sphere of influence has been growing and far-reaching, extending to every corner of Sri Lanka. Its presence in key industries, including retail, commercial real estate, manufacturing, logistics, environmental management, finance and so forth, has had a transformative impact on the Sri Lankan economy as a whole. The conglomerate enables Sri Lankans to fulfill their dreams for a better enhanced life.
The concept of Abans represents a seamless synergy between powerful insight and translation of it to a business opportunity. It all started when a young Sri Lankan homemaker and mother of three received a singular spark of inspiration as she conducted her household chores one day fifty years ago.
In the 1960s, Sri Lanka was a closed economy and imports were banned. In this environment, Aban Pestonjee noted how difficult it was to complete household chores through manual labour, and chanced upon the business opportunity to resell gently-used secondhand home appliances sourced from embassy auctions. She opened a modest corner store in Bambalapitiya and offered after-sales services in her garage, which enhanced her popularity with Colombo customers.
When the economy opened in the late 1970s, Pestonjee began writing letters to renowned British brands requesting distributor rights for the Sri Lankan region. After repeated attempts, Electrolux finally became the first brand to join hands with Abans and other British brands followed, including Hoover, Belling and Russell Hobbs.
With the help of her children Saroshi, Tito, and Rusi Pestonjee, Abans’ steadily expanded into other industries and set an impressive benchmark for others to follow. Abans became the first to launch the Korean electronic brand LG in Sri Lanka. They ventured on to become the first large-scale environmental solution provider with the establishment of Abans Environmental Services in 1981.
Abans pioneered the entry of international food chains in Sri Lanka by spearheading the entry of McDonald’s into the Sri Lankan market in the late 1990’s which was divested to International Restaurant Systems (Private) Limited in 2007. More recently, with the opening of joint venture Colombo City Centre in 2018, Abans has exemplified their vision of enhancing urban living in Sri Lanka.
Further, being one of Sri Lanka’s largest retailers, Abans possesses an extensive retail network of over 400 showrooms and branded stand-alone outlets spanning across the island, encompassing a diverse product lineup, including furniture, beauty, lifestyle brands, home appliances, electronics, and so forth.
Abans with a simple vision to enhancing lives has continued to do so for the past 50 years. Whether through the vast product ranges and the services offered to the employment opportunities and the CSR initiatives, Abans Group is committed to empowering people to be more than they were before. Abans has proven time and time again their well-deserved status as a cultural icon and a beloved household name in Sri Lanka.”
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