DBL Group acquires Glory Textile and Apparels for Tk425cr

Highlights:

• DBL Group acquires Glory Textile to expand in high-end apparel production
• Standard Chartered, Pubali banks finance acquisition
• DBL plans to expand capacity by adding 48 new production lines
• Factory aims to contribute $100 million in exports within a year
• Workforce expansion planned from 1,340 to 5,000 within a year
• Glory Group to continue operations in construction, jute, and other sectors

DBL Group, one of Bangladesh's largest conglomerates, has acquired Glory Textile and Apparels Limited for Tk425 crore, aiming to expand its presence in the textile and apparel sector.

Standard Chartered Bank and Pubali Bank PLC supported the acquisition as financing partners.

Confirming the acquisition, DBL Group Managing Director MA Jabbar said, "Acquiring the factory was a strategic move to strengthen our footprint in high-end apparel production. We will produce high-value products in this factory for our existing customers."

Glory Textile and Apparels, a knit composite factory, was established in 2017 in Mymensingh's Bhaluka.

The company, which became a member of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in 2022, had been struggling financially.

Despite its challenges, the garment factory remained operational before the owners decided to sell it.

The factory, which consists of 36 production lines, includes knitting, dyeing, embroidery, and all-over printing facilities.

Last Monday, Glory Group officially handed over the factory to DBL authorities during a ceremony at DBL Group's corporate office in Dhaka.

Senior officials from DBL Group, Glory Textile and Apparels, Standard Chartered Bank, and Pubali Bank PLC attended the event.

Following the acquisition, DBL Group has begun production at the facility.

Jabbar stated that, in addition to production, the company is upgrading the factory to align with DBL Group's standards.

The group plans to expand the facility by adding another 48 production lines, which will significantly increase capacity.

He expressed optimism that the factory would contribute an additional $100 million in exports within a year. The facility currently employs 1,340 workers, with plans to recruit an additional 1,000 immediately. Within a year, the workforce is expected to reach 5,000.

Jabbar also noted that the factory has an existing capacity to dye 40 tonnes of fabric per day.

"We are planning to expand this capacity as there is ample space for further development," he said.

Md Moniruzzaman Sheikh, former managing director of Glory Textile, said that operational challenges made it difficult to sustain the business.

"Finally, we decided to sell it," he said, adding that Glory Group would continue operations in other industries, including construction, electricity poles, jute, and yarn.

According to the company's website, the factory spans 480,000 square feet and has the capacity to produce 100,000 garments per day. It can also knit 20 tonnes of fabric, dye 40 tonnes, and print 35,000 pieces daily.

The day after the handover, MA Jabbar visited the factory with senior DBL officials, including directors Awabin Araf, Ahnaf Abed, and Mohammed Aman Abrar, to oversee operations and mark the beginning of this new phase for the company.

"Currently, we have strong orders for apparel from our buyers. Considering this, we are expanding our capacity," Jabbar said.

DBL Group operates more than 50 manufacturing facilities across the country, employing over 40,000 people.

It produces a range of apparel, including knitwear, denim, and woven products, for major markets in Europe, the United States, and Canada. The group's annual exports exceed $1 billion.

Beyond apparel, DBL Group has diversified into ceramics, pharmaceuticals, and information and communications technology.

It also engages in direct sales of globally recognised brands such as Levi's, Nike, Adidas, and Puma in Bangladesh.

According to DBL Group's website, the conglomerate currently operates 24 business concerns, employing 47,000 people, with an annual turnover of approximately $1 billion.