Sri Lanka-based Hela Clothing strikes intimates joint venture in Ethiopia
Addis Ababa, January 5, 2021 (FBC) -Sri Lanka-based global apparel manufacturer, Hela Clothing, has taken a 50% stake in Indonesia’s Submiri Intimates Apparel Plc in a move that sees the creation of a new joint venture project to produce intimate products at Ethiopia’s Hawassa
Hela acquired the stake from Sumber Bintang Rejeki. The joint operation, which at full scale will employ over 3,000 people in Hawassa, will increase its capacity to produce close to 1 million pieces a month from 250,000 units currently.
This will make it one of the largest bra manufacturing facilities in the world with duty-free access to the US, Canada, EU, and most parts of developed Asia, including China.
The equal partnership joint venture will result in the formation of a new company, Sumbiri Hela Intimates Plc, according to just-style.com.