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Interloop to invest $300 mn in apparel unit in Pakistan

May 10, 2021
Interloop to invest $300 mn in apparel unit in Pakistan

Karachi, Pakistan

Interloop Limited (ILP), a leading apparel manufacturer in Pakistan, announced its plan to invest $300 million to setup a new factory to expand its production. The company intends to meet the rising demand for textiles and apparels from the foreign markets.

Addressing a media briefing, Muhammad Maqsood, President/Group Chief Financial Officer, Interloop Limited said that the company aims to double its revenues by FY2026 and showcase a revenue growth of 46% and an earnings growth of 41% in the next three years.

He mentioned that ILP’s denim expansion will be completed in Q4FY21 and that there were plans to improve the capacity of the company’s hosiery segment, which will be done in phases starting September 2021.

ILP has expanded and diversified its product line over the years and continues to do so to enhance its footprint in the sector. Almost 90% of its revenues come from hosiery exports to its major clients such as Nike, Target, Puma and Adidas.

The textile and clothing exports in Pakistan have seen a significant improvement in the past months with a 9.1% growth to $11.35 billion. This growth can be attributed to the US and China trade spat that led diverted orders to Pakistan and the shift in orders from India and Bangladesh because of the COVID-19 pandemic.

Source: The News

Image Source:Unsplash 

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