Sri Lanka : Hela acquires Foundation Garments for $18 mn

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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