Category: Apparel
Sri Lanka Govt. cuts VAT on imported fabric by 5-pct
Sept 18, 2018 (LBO) – Sri Lanka’s Finance Ministry issuing a gazette amended the Value Added Tax (VAT) act further to reduce the VAT on imported fabric to 5 percent in a bid to help small scale industrialists under the enterprise Sri Lanka scheme.“The Minister of Finance and Mass Media MangalaSamaraweera considering the requests made […]
Sri Lanka BoI targets 35 projects with Rs.46.4Bn in investments in the North
Sept 03, 2018 (LBO) – The Northern Province has benefited from investment as a result of the efforts of the Board of Investment of Sri Lanka. Among the BOI investments there are currently 6 apparel manufacturers which represent an investment of 8,000 million rupees and employ 7,917 workers. Another 15 projects in different sectors are […]
Cotton Collection divests to Softlogic Group
Aug 29, 2018 (LBO) – Sri Lankan fashion retailer, Cotton Collection Ltd. yesterday announced in a statement it has divested for an undisclosed amount its shares to ODEL Plc, a subsidiary of Softlogic Holdings Plc. Niloufer Esufally Anverally, the founder and creator of the all-Sri Lankan brand Cotton Collection, maintains ownership of her alternate brand […]
Sri Lanka official reserves at USD9.3Bn : Rupee depreciated by 5.0-pct by Aug 2018
Aug 28, 2018 (LBO) – The Central Bank of Sri Lanka said reflecting developments in the domestic and global foreign exchange markets, the Sri Lankan rupee depreciated by 5.0 percent during the year up to 27 August 2018 against the US dollar. Furthermore, reflecting cross currency movements, the Sri Lankan rupee depreciated against the euro, […]
Teejay Lanka profit after tax grows by 27-pct to Rs.279.3Mn
Capacity expansion in India and an increased order book from the US and EU have enabled Teejay Lanka PLC, Sri Lanka’s only multinational textile manufacturer, to make a strong start to 2018-19 with healthy sales and profit growth. Profit after tax grew by a respectable 27 per cent to Rs 279.3 million on revenue of […]
USD25.6 million contribution from Wathupitiwela EPZ to export earnings
Jul 25, 2018 (LBO) – The BOI’s Wathupitiwela Export Processing Zone (WEPZ) has contributed US 25,599,216.25 dollars (US$ 25.6 Mn) in export revenue as at end of March 2018, a statement said. WEPZ is located in the Gampaha District, about 42 Km away from Colombo.It was established in 1998 on a land area of 123.17 […]
National Export Strategy to be launched this week
Jul 16, 2018 (LBO) – Sri Lanka is to launch a long-awaited National Export Strategy (NES) later this week on the 19th. “The National Export Strategy (NES) is a fantastic opportunity for the private sector and the government to work together but the success of it will depend entirely on the political will of the incumbent […]
Sri Lankan scents inspire high fashion fragrance
July 12, 2018 (LBO) – Sri Lankan scents are the inspiration for one of the latest perfumes by Boucheron Paris.The fragrance will be available exclusively at Harrods department store in July. From www.cosmeticsbusiness.com: “Luxury French perfume brand Boucheron Paris has introduced a new fragrance inspired by Sri Lanka. Nathalie Lorson is responsible for creating the […]
Colombo Stock Exchange to launch new board for SME sector security listings
June 29, 2018 (LBO) – Sri Lanka’s Securities and Exchange Commission with the Colombo Stock Exchange will be launching a Small and Medium Enterprise Board for the SME sector next week. The SME Board which is to be launched for the first time in Sri Lanka will provide an opportunity for the SME sector to […]
‘s Teejay Lanka doubles capacity of India plant with USD15Mn expansion
May 21, 2018 (LBO) – Teejay Lanka, a textile manufacturer said they will be doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US 15 million dollars (more than 2.3 billion rupees at current rates). Located within the 1,000-acre Brandix India Apparel City (BIAC) in Vizag, Andrapradesh, […]
GSP Plus is a transient popup for apparel sector: Apparel Institute’s Chairman
May 10, 2018 (LBO) – Apparel industry leaders say that increasing apparel exports and receiving trade benefits such as GSP Plus facility, should not blind the sector but the industry should move on and face emerging challenges to advance to the next level. Chairman of Sri Lanka Apparel Institute Prof. Lakdas Fernando addressing the launch […]
Brandix and VTA signs MoU for skills development in apparel industry
Mar 20, 2018 (LBO) – Brandix Group and the Vocational Training Authority of Sri Lanka (VTA) recently signed two Memoranda of Understanding (MoU) denoting a collaboration to break new ground in skills development for the apparel sector. The first of these agreements facilitates the creation of an NVQ Level 5 equivalent qualification for Garment Technicians […]