Hela Apparel Holdings

Last updated
Hela Apparel Holdings
FormerlyHela Apparel Holdings (Pvt) Ltd
Company type Public
ISIN LK0484N00002
Industry
FoundedOctober 11, 2018;5 years ago (2018-10-11)
Headquarters
Colombo
,
Sri Lanka
Key people
  • A. R. Rasiah (Chairman)
  • P. L. D. Jinadasa (CEO)
RevenueIncrease2.svg LKR95,303 million (2023)
Decrease2.svg LKR630 million (2023)
Decrease2.svg LKR(3,332) million (2023)
Total assets Increase2.svg LKR55,698 million (2023)
Total equity Decrease2.svg LKR11,458 million (2023)
Owners
  • Lesing Hela Limited (46.89%)
  • Tars Investments Lanka Pvt Ltd (17.99%)
  • P. L. D. Jinadasa (10.48%)
Number of employees
Decrease2.svg 17,800 (2023)
Subsidiaries Hela Clothing Pvt Ltd
Website www.helaclothing.com
Footnotes /references
[1]

Hela Apparel Holdings PLC branded as Hela Clothing is a holding company in Sri Lanka that is engaged in the apparel industry. The company supplies to a number of brands such as Tommy Hilfiger, Calvin Klein, and Michael Kors. Hela Apparel Holdings operates four design centres in Sri Lanka, the United States, France and the United Kingdom. The company have eleven manufacturing plants, seven in Sri Lanka, and two each in Ethiopia and Kenya. [2] The company is one constituent of the S&P Sri Lanka 20 Index since June 2022. [3]

Contents

History

Hela Clothing (Pvt) Ltd was incorporated in 1991. [4] The Fielding Group was the initial owner of the company. British entrepreneur Dominic McVey invested in Hela Clothing in 2013. Sri Lankan business executive Dian Gomes was hired by McVey to lead the company. In 2016, the company set a target of double the revenue to USD300 million by 2020. The company wanted to emulate the success of MAS Holdings and Brandix but planned to grow faster. By 2017, the plan was faltering as the company was incurring sizeable overheads and facing cash flow constraints. The company was forced to expand into Ethiopia and Kenya. Gomes wanted to raise capital by either infusing capital from existing shareholders or diluting 30% of ownership to raise US$10 million from outside investors. Gomes's relationship with McVey was strained when Gomes wanted to suspend the annual management fee of USD one million to the investment firm Ellestone Apparel, a company headed by McVey. In 2019, Gomes resigned from the company and McVey divested significantly his stake. An investor consortium infused US$10 million into the company's capital in November 2018. [5]

Hela Clothing appointed A. R. Rasiah as the new chairman of the company in December 2018. [6] Hela Apparel Holdings (Pvt) Ltd was founded in 2018 and was listed on the Colombo Stock Exchange in 2022. The company went through an initial public offering (IPO) as the means of listing on the stock exchange. The IPO was intended to offer 20% of the stake of the company and raise the capital of LKR4 billion. The IPO received applications for a value of over LKR4 billion on the first day itself. The IPO was the largest issue since 2011 and had to close on the same day. [7] The IPO was oversubscribed 5.4 times and received applications worth LKR21.8 billion. [8]

Operations

The company received a credit rating of AA(lka) from Fitch Ratings in March 2022 and the outlook is adjudged as stable. [9] Hela Apparel Holdings expanded into Egypt by launching its twelfth plant in the country. Egypt was chosen due to the advantages of being located proximately to Europe and North America, thus reducing shipping times. [10] The company recorded a 75% revenue growth in the financial year 2021/22. The revenue for the period was LKR56 billion. [11] In 2022, the company has been awarded the ISO 14064-1:2018 certification by the Sustainable Future Group. The certification was awarded to Hela Apparel Holdings for establishing a framework to report and quantify greenhouse gas emissions. It also involves implementing a Carbon Management Plan for reducing emissions. [12]

See also

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References

  1. ↑ "Annual Report 2022/23" (PDF). cse.lk. Hela Apparel Holdings PLC. Retrieved 3 November 2023.
  2. ↑ "Hela Apparel Holdings Ltd". ft.com . Financial Times. Retrieved 25 June 2022.
  3. ↑ "CSE: Constituent changes in S&P SL 20 Index". Sunday Observer . Associated Newspapers of Ceylon Limited. 19 June 2022. Retrieved 25 June 2022.
  4. ↑ "Hela Clothing heralds more growth with Egypt entry". Daily FT . Wijeya Newspapers. 15 September 2021. Retrieved 25 June 2022.
  5. ↑ Daniel, Devan (24 May 2019). "What happened at Hela". echolon.lk. Echelon Media (Pvt) Ltd. Retrieved 25 June 2022.
  6. ↑ "Hela Clothing appoints new chairman". The Sunday Times . Wijeya Newspapers. 2 Dec 2018. Retrieved 25 June 2022– via PressReader.
  7. ↑ "Hela Apparel IPO – decade's biggest – snapped up on opening day". Daily FT. Wijeya Newspapers. 13 January 2022. Retrieved 25 June 2022.
  8. ↑ "Hela Apparel Holdings Rs. 4 b IPO sets new milestones, oversubscribed by 5.4 times". Daily FT. Wijeya Newspapers. 27 January 2022. Retrieved 25 June 2022.
  9. ↑ "Hela Apparel Holdings (Pvt) Ltd". fitchratings.com. Fitch Ratings. Retrieved 25 June 2022.
  10. ↑ "Hela Apparel Holdings formally starts operations in Egypt". Daily FT. Wijeya Newspapers. 22 February 2022. Retrieved 25 June 2022.
  11. ↑ "Hela Apparel Holdings completes landmark year of growth and consolidation". The Island . Upali Newspapers. 28 May 2022. Retrieved 25 June 2022.
  12. ↑ "Hela Apparel Holdings receives ISO 14064-1:2018 certification". Ceylon Today . Ceylon Newspapers (Private) Limited. 21 May 2022. Retrieved 25 June 2022.
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