Silver Spark Apparel Ethiopia PLC, a subsidiary of Raymond brand, inaugurated its Greenfield garment manufacturing plant in Ethiopia to gain duty-free access to the US and European markets.
The plant set up at Hawassa Industrial Park will employ over 2500 people in the first phase. The Ethiopian government also aids the company with sourcing lower-cost manpower, highly subsidised power, readymade industrial sheds that considerably reduces capital expenditure along with duty benefits.
The capacity expansion will mark Raymond’s entry amongst the top five suit manufacturers in the world. Gautam Hari Singhania, chairman of the group said that it is a strategic decision to set up a garment manufacturing unit in Ethiopia to mitigate their risk as far as their exports are concerned.
The plant will ensure duty-free access in key export markets such as USA and Europe. In their endeavour to ensure price competitiveness, Ethiopia makes a compelling business case and enables them to serve their international customers.
Leveraging the skill sets of garment manufacturing facilities on the domestic front, this quantum leap into an international location for manufacturing has been triggered by both core competence and business considerations. Newly named the Silver Spark Apparel Ethiopia PLC, the local unit is amongst a host of other International Investors who have set up their facilities at the Hawassa Industrial Park in the African nation. This Park would be an international hub of Garmenting.
Silver Spark Apparel Ltd. is one of the largest manufacturers of high end Suits, Jackets, Trousers & Shirts, exporting to leading international markets such as USA, EU and Japan. The company also has four facilities in Bangalore. The company said that they continue to stay committed to Make in India and have invested in a green field project. Besides being a manufacturer, Raymond also has one of the largest exclusive retail networks in the country with over 1000 stores across 400 towns.
This capacity expansion will mark Raymond’s entry amongst the Top 5 Leading Suit manufacturers in the world.