Home / Knowledge / News / Apparel/Garments / Hela acquires Foundation Garments for $18 mn
Hela acquires Foundation Garments for $18 mn
16
Feb '16
Sri Lanka's HNB's Corporate Banking business, following a very successful 2015, has announced the $18 million financing of Hela's strategic acquisition of Foundation Garments, Sri Lanka's business newspaper Daily FT has reported.

Twenty years since its inception, Hela Clothing, the British-owned apparel group with a manufacturing base in Sri Lanka is poised to contribute significantly to the growth of the island nation's apparel industry following its acquisition of Foundation Garments, the report said.

Hela Clothing recently appointed a new chairperson and made the first of a series of acquisitions. It nominated the charismatic CEO and much accomplished entrepreneur Dian Gomes, who recently completed a successful 25-year stint at MAS Holdings, as its new Chairman.

Gomes was the Managing Director and CEO of MAS Holdings' largest business division, MAS Intimates. He has built some of the most influential and globally recognised business brands throughout his career in the apparel industry and is geared to take Hela Clothing to new heights, through continuous growth, development and innovation.

Joining Gomes in his quest to grow Hela Clothing's business both locally and internationally are Directors Robert Wigley and Dominic McVey, Managing Director - Casual Wear Cluster, Harsha Guneratne, Managing Director - Intimate Wear Cluster, Dilanka Jinadasa, Sales and Marketing Director Ananda Weerakoon and Group Manufacturing Director Nipuna Dias.

Wigley, the former Chairman of Merrill Lynch, is an investor, entrepreneur and finance industry veteran. Being the Chairman of Ellestone Apparel and the majority shareholder of Hela, Wigley plays a vital role in providing strategic direction and will spearhead Hela's aggressive mergers and acquisition plans.

McVey, Britain's youngest self-made millionaire, made his first million at the age of 15. Being Britain's second most influential entrepreneur under 30, and Dian's predecessor, he doubled the top line of Hela and will be involved in executing their new growth strategy, the report said. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search