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

Pic: Shutterstock

Textiles | On 17th Feb 2020

Vietnam textile firms urged to source from Malaysia, India

Pham Xuan Hong, president of Ho Chi Minh City’s textile association,...

Pic: Shutterstock

Textiles | On 17th Feb 2020

Myanmar to initiate measures to improve trade strategies

Myanmar will take measures to raise overseas demand for indigenous...

Pic: PaCT

Apparel/Garments | On 17th Feb 2020

IFC portal to monitor resource usage in Bangla RMG sector

The International Finance Corporation (IFC) has developed PaCT...

Interviews View All

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Software Firms, Head honchos

Software Firms
Head honchos

Blockchain technology will shorten lead times

Textile Industry, Head honchos

Textile Industry
Head honchos

Trade buzz: This could be a landmark budget

Atul Mittal,

Atul Mittal

Established in 1997, Pratibha Syntex produces over 60 million pieces of...

Zennure Danisman,

Zennure Danisman

Since its inception in 1953, Orta Anadolu has been weaving a denim...

Spring Chang,

Spring Chang

A specialist in manufacturing printing machines, <b>Wenzhou Changs</b>...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

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

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Jay Ramrakhiani, Occasions Elegance Wear

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

Leave your Comments


February 2020

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


Advanced Search