The Russian lingerie market, which accounted for half of Silvano's revenue last year, will probably expand at an annual 10 percent to 15 percent rate for the ``next few years,'' Kusonski said in a telephone interview last week. Ukraine, Belarus and Kazakhstan will also have ``major'' growth, and Silvano's performance will at least match the market, he said.

``In Ukraine, we expect more or less the same growth as in Russia, or a bit higher, in Belarus, a bit lower, and in Kazakhstan, the same or a bit lower this year,'' Kusonski said from his office in Tallinn, Estonia.

Silvano has benefited from economic expansion in the former Soviet republics and higher sales to retailers of its Oblicie and Milavitsa underwear brands. It aims to increase the proportion of goods sold through its stores from about 20 percent of the total by opening 60 outlets this year. Sales almost quadrupled in 2007 to 1.54 billion krooni ($153 million).

``The company has decent potential in Russia, Belarus and Ukraine, but for now the main volume in sales will come from wholesale,'' Pavel Lupandin, an analyst with Hansabank Markets said in an e-mailed comment today. ``The retail is a bit tricky, we don't think it was profitable in 2007 and in 2008 it might start turning to a profit but only just.'' Lupandin has a ``hold'' recommendation for the shares.