Star Garments Group (“Star”) completed its latest expansion venture with the acquisition of the assets of Kolonna Manufacturing Limited. This acquisition marks the group’s twelfth factory and will create over 1,000 job opportunities in Kolonna in the Ratnapura district. The acquisition cements Star’s belief in the potential for Sri Lankan apparel exports to grow as global sourcing bases look to diversify regional risks in other parts of the globe.
On the acquisition, President and CEO of Komar, Charlie Komar said, “This investment reaffirms our long-term commitment to Sri Lanka and our belief that the country remains an untapped resource in apparel manufacturing. Star continues to remain a priority for Komar and we look forward to this division’s growth in the coming years.”
Star has been a catalyst in the growth of Sri Lanka’s apparel sector with over four decades of experience. The world-class apparel sourcing, design and manufacturing company currently employs a team of over 9,000 people across all its factories and has a reputation of being one of the most innovative and sustainable entities in the country.
The company’s 70,000 sq. ft Innovation Center was named the 2020 Merit Award Winner for Sustainability at the AIA New York’s annual Design Awards. It is the first Passive House design in Southeast Asia. Together with the CarbonNeutral® certification across all its facilities, Star takes great pride in being the largest carbon-neutral company in Sri Lanka and the only one in the apparel sector to have all its facilities internationally certified as carbon-neutral.
Sukumaran, Managing Director – Star Garments Group, said, “While we explore growth and expansion outside of Sri Lanka, we still believe in the future of the apparel industry in Sri Lanka and the potential it holds. The acquisition of Kolonna Manufacturing cements this belief. We remain bullish about the prospect of Sri Lanka apparel and its growth despite the economic hardships the country has had to face.”
This investment is a key pillar in Star’s strategy to consolidate and strengthen its manufacturing base in Sri Lanka with strategic acquisitions that add to the company’s portfolio.
