This species in the family Lasiocampidae and subfamily Lasiocampinae is possibly Phoenicladocera vulpicolor. This is a male.
Dr. David Lees from the Department of Zoology of the University of Cambridge, United Kingdom, who I met in Madagascar in January 2014 and who has extensive field research experience in Madagascar and is considered the Madagascar butterfly expert, helped me identifying this species.

Mananara Lodge area, Anjozorobe, Madagascar, 16 January 2014