Two factories in Mihintale belonging to MAS Holdings Group, which has amassed wealth as one of the biggest garment exporters in Sri Lanka for nearly 36 years, would be closed down, it is learnt.
With this decision, nearly 1,000 employees will lose their jobs. However, the authorities have informed the employees that the factories will be closed for 4 months.
Garment manufacturers are of the opinion that the lack of orders for garment products has led to the temporary closure of factories.
Meanwhile, some experts in the field said that the instability of the US Dollar due to the economic crisis in the United States and the financial crisis in Sri Lanka has directly affected the garment industry in Sri Lanka.
However, some people said that there is no lack of orders for these garments. They said the cost of manufacturing garments in Sri Lanka has increased due to the increase in the price of services including electricity. Therefore, the manufacturers divert the orders from the local factories to their own factories outside of Sri Lanka and then close down the local factories.
Who is this MAS?
MAS Holdings is the largest underwear manufacturer in South Asia.
The company was founded in 1987 by the three brothers of Mahesh, Ajay and Sharad Amalean and named the company with the first letter of their names.
MAS Holdings began as a manufacturer of intimate apparel and later diversified into sports wear, performance wear and swimwear.
MAS Holdings has 53 manufacturing facilities in 17 countries and employs over 93,000 people globally.
The company has design and development centers in New York, London, Hong Kong and Colombo. Its clients include Victoria’s Secret, Nike, Polo, Lululemon and PVH.
The company manufactures apparel accessories and fabrics and provides services beyond apparel manufacturing.
MAS was recognised as the second most prestigious corporate body in Sri Lanka in a 2017 survey conducted by Sri Lanka’s LMD Magazine and The Nielsen Company.