Envoy Textiles, a leading denim maker in Bangladesh and supplier of readymade garments to Wal-Mart, H&M, JCPenney, GAP, Carrefour, Zara and Next, expects to double its net profit to be US $ 7.6 million when its spinning unit begins producing yarn in June 2016. Abdus Salam Murshedy, MD of Envoy informed that the company is putting in US $ 30 million to set up the spinning unit at Bhaluka in Mymensingh, to become a full-fledged textile manufacturer. The unit will produce 17,500 tonnes of yarn a year, which is 30 per cent higher than the company’s own demand. It will create around 400 jobs, while 1,600 people already working with company. It currently uses 24,000 tonnes of yarn a year to make fabric, and it intends to sell the spinning unit’s residual output. Envoy makes 48 million yards of fabrics annually. “Buyers from Europe and America are now expressing interest in sourcing more denim products from Bangladesh, bypassing China, India, Pakistan and Vietnam,” Murshedy said.
