Teejay Lanka, Sri Lanka’s largest circular knitter, has signed a Memorandum of Understanding with Luen Fung Textiles of China to create a joint venture for the manufacture of lace fabrics. In a move which will significantly expanded Teejay’s product portfolio, the company is to commence the dyeing, finishing, and scalloping of raw lace material supplied by Luen Fung. Production will be carried out at manufacturing facilities run by Teejay India.
Commenting on the plans, Teejay’a Chairman Bill Lam said, “Teejay is pursuing different growth avenues with diversification of products and this will be the start of this new journey.” The company’s CEO Shrihan Perera added, “We are confident that this partnership will give us a distinct edge with clear growth potential with our customer base.”
Under the terms of the agreement, Luen Fung will design and supply lace as a raw material to Teejay. After purchase, Teejay will sell the finished lace to customers who place orders with both Teejay and LFT.
Teejay Lanka Deputy CEO Pubudu de Silva said: “The addition of lace to our portfolio significantly enhances the versatility of the company’s offering and its earning potential. We are excited at the prospect of working with Luen Fung Textiles to augment our knowledge and capabilities and to expand our customer base.”
Founded in 2006 and based in China and Hong Kong, LFT manufactures and distributes raw materials and other related items used in the manufacture of lace and related products. Its customers include international brands such as Target, JC Penny, Maidenform, Fruit of the Loom, Vanity Fair, Pacific Brands, Hanes, Kmart, Walmart, Lidl, and Bonds.
With manufacturing operations in Sri Lanka and India, Teejay is one of the region’s largest textile manufacturers, and supplies fabric to some of the most well-known international brands across the world.
It is a public quoted company with 39 per cent public ownership, backed by Sri Lanka’s largest apparel exporter, Brandix Lanka, which has a 33 per cent stake, and Pacific Textiles of Hong Kong, which owns 28 per cent of the company.
The company has also been named among the Forbes ‘200 Best under a Billion in Asia’ and been recognised as the ‘International Textile Firm of the Year’ and the ‘International Dyer and Finisher’ by the World Textile Institute, London.
