Syed Manzur Elahi: The entrepreneur of entrepreneurs

Sketch: TBS

During a 2023 interview, while discussing his family roots, the now-deceased Syed Manzur Elahi joked about how his life turned out in comparison to his siblings. 

"My eldest brother (Syed A Masud) was a socialist, second brother (Syed A Moudud) was an Islamist, third brother (Syed A Mansur) was a communist as a founder member of the Communist Party of India, and I ended up being a capitalist!" Elahi humorously quipped. 

And what a capitalist this son of a former chief justice turned out to be. Elahi was the founding chairman of several prominent organisations, such as Apex Footwear, Grey Advertising Bangladesh, Blue Ocean Footwear, Quantum Consumer Solutions, and Mutual Trust Bank. 

Through these ventures, he not only transformed the business and industrial landscape but also garnered multiple prestigious accolades, including the Business Executive Award 2000 by the American Chamber of Commerce (AmCham) and Business Person of the Year by The Daily Star and DHL Worldwide Express in 2002.

To sum up, "he was the entrepreneur of entrepreneurs," as Khandker Kabir, founder and president of Leaders Forum BD aptly puts it. "He was someone who took the country's entrepreneurial sphere to unique heights with his extraordinary leadership. Instead of growing alone, he ensured that everyone around him thrived along with him."

Elahi breathed his last at a hospital in Singapore at the age of 83 on 12 March at 7:31 am Bangladesh time. And with his death, "a massive void has been created in the family, society and business and industry of Bangladesh and beyond," said Anis A Khan, former managing director of Mutual Trust Bank.

In a statement mourning Elahi's loss, Centre for Policy Dialogue (CPD) said, "He [Elahi] was a pillar in the business community of Bangladesh. His remarkable journey in trade and industry was marked by profound leadership and innovation, which positioned the Apex Group as a leading business conglomerate nationally and internationally.

"He was a beacon of guidance and inspiration, deeply involved in shaping policies and fostering growth across multiple sectors," the statement added.

"Due to aging, his immunity had weakened. While he initially recovered from a lung infection, he later developed a stomach infection, which ultimately led to his demise," Almas Kabir, former president of BASIS who was also a relative of Elahi, told The Business Standard. 

His death closes a chapter on a life full of numerous challenges, followed by relentless determination and remarkable success.

The inspirational journey 

Born on 26 September 1941 in Kolkata, Elahi was the son of Sir Syed Nasim Ali, the first Bangali Muslim to serve as the chief justice of undivided Bengal. Tragically, Elahi lost his father when he was just five years old and was raised by his brothers.

He completed his schooling and college education in Kolkata. In 1962, he earned a bachelor's degree in economics from Calcutta University. He then enrolled at Dhaka University for his postgraduate studies, completing his master's in economics in 1964.

During his time at Dhaka University, he resided at Salimullah Muslim (SM) Hall and actively participated in the politics of the Student Union.

Since childhood, Elahi harboured a dream — not to work for someone else, but to build something of his own. But following that dream was no walk in the park. When he first shared his ambition with his brothers, they scoffed at the idea. 

"What do you know about business? None of our ancestors, for fourteen generations, have ever been businessmen," they had told him.

And so, he could not become a businessman right from the beginning of his career. Instead, he began his career at British American Tobacco for a starting salary of Rs1,900, way beyond his own expectation of Rs600.

But in spite of the allure of a comfortable life, complete with luxury residences and cars, Elahi's heart was not in it. Hence, on his 30th birthday, he took a leap of faith and made a life-changing decision of leaving the job.

First, he started working as an agent in Dhaka for a French leather importer in 1972. Then, in 1976, after a shift in the political landscape, the Bangladesh government began privatising nationalised companies. Seizing the opportunity, Elahi purchased one of these companies, Orient Tannery, in Hazaribag, for Tk12 lakh.

From there, Elahi began processing leather at his tannery and exporting it, officially entering the mainstream leather manufacturing industry. This move marked the birth of a company that would soon become known as Apex.

The first buyer of Elahi's leather was a Japanese company called Mizuze. As time went on, his list of buyers grew, and for the next 14 years, his business continued to thrive. However, it was not without its challenges. Finding skilled labour was difficult, and the unpredictable international leather market often created hurdles. But Elahi remained determined and pressed on.

Soon, Elahi began to think: Since the ultimate destination of leather was the shoe factory, why not set one up himself? In 1990, he took the leap and established Apex Footwear on a 50-acre plot in Shafipur, Gazipur.

The initial phase of the shoe manufacturing business was no smooth sailing. Apex faced challenges with low-quality products and delayed deliveries, which led to a dip in orders. One memorable setback came when Japan's largest shoe retailer, Marutomi, placed an order, but 97% of the shoes failed the quality test. 

Despite the blow, Elahi remained firm in his belief in Bangladesh's leather industry potential. He focused on improving the quality and making Apex more globally competitive through technology.

By adopting advanced European technologies, particularly from Italy, Apex began to make significant strides. This allowed the company to ramp up production while ensuring high-quality standards. Eventually, Apex started supplying to some of the world's top retailers, including Fila, Timberland, H&M, and Marks & Spencer.

Since then, Apex's rise has been nothing short of remarkable, solidifying its position as Bangladesh's leading footwear manufacturer. 

By 2018, it had become the country's largest retail chain, with nearly 600 sales outlets nationwide, half of which are managed in-house. At its peak, Apex's production and exports soared to 5.5 million pairs per year, and even in the post-Covid era, it continues to thrive with an estimated 3 million pairs exported annually. On top of that, for the domestic market, production has reached an impressive 2 million pairs per month, totaling 24 million pairs annually.

More than a capitalist 

However, Elahi's vision went far beyond business success. 

He twice served as an adviser to Bangladesh's caretaker governments in 1996 and 2001, overseeing communications, shipping, civil aviation, tourism, post and telecommunications, and housing and public works.

His leadership extended to the Metropolitan Chamber of Commerce and Industry (MCCI), the Bangladesh Employers Federation, and the East West University Trustee Board. He was also a trustee at the Centre for Policy Dialogue (CPD), Manusher Jonno Foundation, Diabetic Association of Bangladesh, and the Bangladesh Freedom Foundation, as well as a director at International Publications Limited, which owns The Financial Express newspaper. 

He also held several important positions in the banking and financial sector, like chairman of the Bangladesh Association of Banks (BAB) and Central Depository Bangladesh, vice chairman of the Bangladesh Association of Publicly Listed Companies (BAPLC), and director of various institutions including Bangladesh Bank, Sonali Bank, Bangladesh Krishi Bank, and the Export Promotion Bureau (EPB).

Through these roles, he has contributed to education, public health, banking, and social welfare, reinforcing his commitment to national development.

Even in situations that offered him no personal gain, his commitment was evident.

For instance, between 2011 and 2015, Syed Manzur Elahi was the chairman of the charity foundation Bangladesh Freedom Foundation. One time, the accounts officer of the organisation was sick, and in his place, executive director Sazzadur Rahman Chowdhury had to prepare the financial accounts. 

"When the papers were handed to Manzur Elahi sir, he discovered several errors and inconsistencies," recalled Chowdhury.

In such a situation, most bosses would have simply reprimanded their subordinates and discarded the documents, instructing them to start over.

"But he was different. Rather than expressing frustration, he took full responsibility for correcting the mistakes himself and ensured the papers were ready for operation. That's the kind of leader he was — one who led by example," concluded Chowdhury.

TBS Special Correspondent Mahfuz Ullah Babu contributed to this piece.