Tri-Star to launch local brand
Partnership targets Indian market:
Charumini de Silva
Tri-Star Apparels expects to launch a local brand in collaboration
with an Indian partnership targeting the Indian market. The brand will
be launched within the next three months.
|
Kumar Devapura |
Tri-Star Chairman Kumar Devapura said the restoration of peace has
brought in many businesses to the country, while the confidence levels
of the investors has improved immensely.
He said the company was planning on a local brand to be taken to the
international arena. The Indian partnership will help the company to tap
their market with a Sri Lankan brand. The production, merchandising,
designing will be done by Tri-Star while the selling will be done by the
Indian partnership.
The company currently runs 18 manufacturing plants in the country
with over 12,000 employees. Out of the 18 factories six have been leased
to outsiders. All these 18 factories around the country was re-opened
and is directly managed by the Tri-Star management. The company invested
around US$ 100 million on each plant and machinery.
"Businesses of the company has increased remarkably. There are many
buyers coming to Sri Lanka at present and the company is fully booked
with UK and US market orders. Our main focus is on UK, EU, US and Italy.
The company is also looking at the potential Asian market," Devapura
said.
"Although, there was an impact at the beginning with the removal of
GSP+ but due to the restoration of peace, quality, timely delivery of
our apparel industry it lasted for a short period only.
At present the business is showing a significant improvement and we
hope the impetus will sustain in the apparel industry. The company
expects a growth of around 10 percent per annum", the Chairman said.
He said the cost of production is still high due to the volatile fuel
prices and electricity prices. |
