By Chandeepa Wettasinghe
A number of employees of the country’s largest apparel exporter MAS Holdings are said to be moving out this month to join rival Hela Clothing (Pvt) Limited, industry sources said.
Mirror Business learns that a majority of the individuals—numbering over 50—were at executive and managerial positions in the subsidiary MAS Intimates (Pvt) Ltd which produces lingerie for global heavyweights such as Victoria’s Secret.
Sources said that there will also be a shakeup at the MAS Holdings group level in January 2016.
Hela Clothing was established in 1992 as Hemas Garments Ltd. The Hemas Group exited the company in 2006.
The ownership of Hela Clothing changed hands mid-2015 with an industry veteran purchasing the controlling stake—who refused to comment citing conflict of interest.
Hela Clothing has over 5,400 employees and produces 1.8 million pieces of apparel a month. It has also expanded into production in Bangladesh. Its portfolio includes several big brands such as Marks & Spencer, Nike, Armani and Levi’s. Hela Clothing is gearing up for a major acquisition drive in the coming years, and intends to list in the Colombo Stock Exchange within 3 years.