Apparel maker Stylecraft Limited has returned to profitability recently after suffering continuing losses for around 18 months.
This is as per reports, which maintained after incurring consecutive losses in the previous 18 months, Stylecraft’s revenue grew year-on-year by 396% to Taka34.52 crore with a net profit of Taka 8.48 lakh in the first quarter of FY2023 (from July to September).
Reports further added Stylecraft’s main buyer Japan-based Uniqlo, which accounted for 60% of its total orders, suddenly severed its business ties with Stylecraft in 2019 even if sloth global demand for clothing and the COVID-19 pandemic further pushed the company into losses.
At one stage Stylecraft was reportedly even forced to close its Gazipur factory following workers’ protest demanding unpaid wages even as the workers and the management later reached an agreement and the factory was reopened in December last year.
