E.R.P. Goonetilleke, Managing Director and CEO, says: “Hayleys Fabric PLC manufactures innovative high value fabric to quality conscious global fashion brands. A pioneer in the field, we were also the first to develop our own branded range of fabric “Inno”, as we forecast fashion trends to develop fashion forward fabric that capture our clients’ interest. A passion for innovation drives our growth and performance which turned around as we achieved a paradigm shift in our business model to sell fabric that are conceptualized and manufactured by us”.
Sri Lanka’s apparel sector recorded healthy growth of 5% in 2018 exporting $5,050 million worth of textiles driven mainly by strong demand from the US which accounted for 45% of apparel exports, growing at a rate of 5.7%. EU accounted for 42% of apparel exports. Sri Lanka’s appeal as a sourcing destination continues to be based on quality, capability and sustainability. The industry responded to the Speed to Market requirements of brand owners by focusing on their supply chains to put in place rapid supply programmes with strategic vendors to ensure that products are in stock and made available to end consumers consistently. Multiple brands and retailers co-innovate alongside manufacturers to introduce new products improvise processes, IT systems and IOT devices to position Sri Lanka as the best in the region.
Sri Lanka’s plans to accelerate its apparel sector to a $8 billion by 2022 by transforming the industry to an ‘End-to-End Fully Integrated Apparel Solutions Provider’ and positioning itself as a preferred ethical sourcing destination is expected to intensify market penetration with players moving into the premium market segments.
This story is from the November 2019 edition of The Textile magazine.
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This story is from the November 2019 edition of The Textile magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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