Sarasavi Exports takes over Lankan apparel company

13 Sep '14

2 min read

Sarasavi Exports Pvt Ltd, one of the leading garment suppliers in Sri Lanka, has bought Isabella Pvt Ltd, a hosiery apparel company from the DBApparel Group, one of the market leaders producing intimate apparels. The value of the net assets acquired is approximately SL Rs. 650 million, the Sunday Times Sri Lanka reported.

The deal will help create job opportunities for 800 workers at Isabella’s factories in Katunayake and Kundasale. The takeover was approved by M Power capital, the financial advisory and risk mitigation strategy provider for Sarasavi Exports.

Chairman and managing director of Sarasavi Exports, Hemantha Kumara, said the transaction allows Sarasavi Exports to establish itself as the premier exporter of hosiery products and socks from Sri Lanka and positions the company to take advantage of the free trade agreement with India and the pending free trade agreement with the People's Republic of China.

He also said that Sarasavi Exports intends to increase production capacity by investing in automation and product development to cater to new export markets.

DBApparel, headquartered in France, is one of the leading manufacturers of branded intimate apparel, which owns brands such as DIM, Playtex, Lovable, Nur Die. It has offices in Germany, Italy, Spain, the United Kingdom, South Africa, Belgium and emerging markets.

Sarasavi Exports, is one of the leading suppliers for all kind of men’s, women's, children’s socks and tights in Sri Lanka, equipped with fully computerized latest knitting and finishing machines. (GK)

Fibre2fashion News Desk - India