Mahin Group, a leading local garment and fabrics maker, plans to spend $50 million by 2015 for expansion to meet the growing demand from the international retailers for quality products at competitive prices.
The group will set up a new yarn dyeing unit at a cost of $20 million and a spinning mill with $30 million in the next one year, said Abdullah Al Mahmud Mahin, managing director of Mahin Group.
The proposed Hamid Yarn Dyeing will go into operation by February next year while the operation of the spinning mill will start at the end of the next year at Shilmandi in Narsingdi.
Mahin Group opened Tazrian Weaving Mills Ltd which was built at a cost of Tk 90 crore at Shilmandi on March 1.
“The production capacity of the newly launched weaving unit is 12 million metres a year and our annual sales target from this unit is $30 million,” he said.
Mahin said his buyers have been pushing him for several years for the expansion. “The fabrics of the newly launched weaving unit are pre-sold to my buyers.”
The annual turnover of Mahin Group, which has been in garment business since 1993, stands at over $100 million.
The group supplies fabrics to almost all renowned retailers of the US and Europe. The major buyers include Abercrombie & Fitch, PVH, Marks & Spencer and H&M, said Mahin.
“I have been receiving a lot of work orders both from China and Japan as the cost of production in those countries have gone high.”