Address:
Teejay Lanka PLC ,Block D8-D14,Seethawaka Export Processing Zone, Industrial Park, Avissawella,Sri Lanka
Telephone:
+94 11 364279500
Email:
info@cau.hayleys.com
Web:
http://www.teejay.com/
Q: In the prevailing business environment, what are the group’s priorities?
A: Teejay is a leading textile and knit fabric provider in South Asia.
Moreover, the organisation owns Sri Lanka’s only multinational textile mill with a footing in India (Teejay India) and a printing plant (Teejay Prints). Our portfolio consists of eight prominent global retail brands from the US, Europe and Asia. As Teejay prepares to celebrate 20 years in the local industry in 2020, its prospects in Sri Lanka and India are welcoming. Therefore, we seek to expand our facilities to meet this demand. And we’re hopeful that the Board of Investment (BOI) will expand facilities in the Avissawella zone to encourage sector growth. We aim to increase production in India and Sri Lanka to 100 tonnes, and generate revenue of US$ 300 million in 2021/22.
Q: How would you describe the state of business locally?
A: The general election is expected to bring directional stability to the executive presidency, and government and its policies, and create demand for the country to flourish.
Moreover, a group wide operational excellence journey was launched seeking improved productivity and reduced wastage, which has gained good traction and benefitted profitability.
The apparel industry is projected to grow irrespective of local political implications given the rising affluence of the South Asian region. Demand generated from the Chinese and Indian middle class is equal to that of Europe and the US, and presents a substantial market opportunity for the next decade.
With its geographic advantage, and partnerships with reputed retailers and vendors, Teejay Lanka is prepared to leverage on the anticipated apparel industry growth and develop its export relations.
Q: What is your group’s USP in the context of being a textile manufacturing sector participant?
A: The local apparel industry generates over 250,000 jobs with an export turnover of approximately US$ 5.3 billion. While experiencing many challenges over the years, the industry has grown and is increasing its footprint in Asia.
Teejay’s strategic presence in India and Sri Lanka offers risk mitigation, and convenient access to the emerging African and Bangladeshi markets. Other value additions such as short lead times attract vendors to Sri Lanka despite a reduced regional advantage in terms of labour costs.
We also provide synthetics and digital fabric printing solutions to vendors. In 2019, Teejay entered into an MOU with a Chinese party to design and supply raw lace, whereby the dyeing and scalloping is carried out in our plants. This brings Teejay closer to becoming a one stop fabric solution provider with a broad product portfolio offering fabric, printing and lace from one source to vendor partners.
By using narrow and deep strategies, and providing more traceability, we have created partnerships with customers; and this has aligned their strategies and goals with Teejay’s so as to achieve a sustainable growth journey.
Q: In your view, to what extent are innovation and technological change impacting your industry?
A: Innovation and newness are vital in the apparel industry with the latest consumer trend being athleisure wear. As such, performance fabric has become a priority in this business.
The sustainability platform is growing with recycled yarn, carbon neutral fabrics, sourcing of cotton and end-toend traceability becoming important factors. Therefore, Teejay has a dedicated R&D team and senior expatriate, working full-time on new product development and the responsible use of resources.
Furthermore, the group makes continuous investments in modernised machinery, which reduces the consumption of water and power, and minimises Teejay’s carbon footprint.
Q: What is your assessment of the level of social awareness in the corporate sector about the global landscape?
End consumers are increasingly working out which products and services are manufactured on the basis of sustainability endeavours and transparency on the part of businesses. As a listed company, Teejay is improving its reporting and developing a business road map in line with future consumer expectations.