Titans of the garment industries diversifying into untapped markets
Distinguished gamers within the textile and garment industries of Bangladesh are channeling their surplus wealth into various sectors, aiming to faucet into the expansion of a thriving economic system with rising shopper buying energy. Profitable textile and garment industries producers are increasing into areas like actual property, agriculture, banking, hospitality, expertise, and extra. These industries embody electrical energy technology, dairy, insurance coverage, well being, training, e-commerce, and building, amongst others.
Having performed a pivotal position within the nation’s economic system by producing foreign exchange and jobs because the late Seventies, these producers have persistently contributed round 85% of the nationwide export earnings. Main garment and textile corporations like Ha-Meem Group, DBL Group, and Ananta Group have ventured into sectors like banking, actual property, media, and expertise whereas sustaining their give attention to their core textile and garment industries.
Companies are drawn to the potential of sectors resembling ceramics, pharmaceuticals, and digital applied sciences, seeing them as avenues for substantial development. Whereas increasing into new areas, corporations like Ananta Group, Ha-Meem Group, and DBL Group stay dedicated to their major textile and garment operations. The growing funding in diversified sectors is pushed by decrease dangers within the home market and better revenue prospects.
With Bangladesh predicted to develop into the ninth-largest shopper market globally by 2030, there is a drive to capitalize on the nation’s increasing economic system. As Bangladesh’s position within the world garment industries commerce continues to develop—its share rose to 7.9% in 2022—the trade’s development and funding additionally rise concurrently.
Notably, whereas textile and garment industries giants are venturing into contemporary sectors, they’re concurrently investing in eco-friendly initiatives, establishing inexperienced factories and acquiring LEED certifications. Moreover, smaller corporations are being inspired to develop with a view towards future growth.