DBApparel, headquartered in France, owns 15 world renowned brands of which DIM and Nur Die, produced in Sri Lanka, are market leaders in their segments with a strong presence in France, Germany, and the Czech Republic.

Agreement

Sarasavi Exports will now serve as a supplier of products to the DBApparel Group through a product buy back agreement.

“The transaction could facilitate the impending takeover of DBApparel by Hanesbrands Inc USA and secures the employment benefits of 800 workers at Isabella’s plants in Katunayake and Kundasale. The deal was structured and concluded by M Power Capital who provided the financial advisory and risk mitigation strategy for Sarasavi Exports,” the company’s statement says.

Premier exporter

“This transaction allows Sarasavi Exports to establish itself as the premier exporter of hosiery products and socks from Sri Lanka and positions the company to take advantage of the free trade agreement with India and the pending free trade agreement with Peoples Republic of China,” said Hemantha Kumara, Chairman and Managing Director, Sarasavi Exports.

“We intend to increase production capacity by investing in automation and product development to cater to new export markets. We are excited at the opportunities that will be available to Sarasavi subsequent to the acquisition of DBApparel Group by Hanesbrands Inc and are fully prepared to accept the challenge of lowering the cost of production while maintaining existing quality standards.”

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