Envoy Textiles set to open business office in US
New office will be located in Manhattan’s Garment District, New York
Envoy Textiles Ltd, a leading Bangladeshi manufacturer and the world's first LEED-certified denim producer, has decided to establish a business office in the United States, aiming to strengthen ties with existing buyers and explore new market opportunities.
The company's Board of Directors approved the decision during a meeting on Wednesday (15 January), held at its corporate office in the capital and via a digital platform.
The new office will be located in Manhattan's Garment District, New York, a prime hub for the industry.
Keep updated, follow The Business Standard's Google news channel
The move is seen as a strategic step to expand Envoy Textiles' market presence in the US, where the company hopes to secure more buyer nominations and foster growth.
"This initiative is designed to enhance our market presence, strengthen relationships with current buyers, and open doors to new clients in the US," Tanvir Ahmed, managing director of Envoy Textiles Ltd, told The Business Standard.
Ahmed highlighted the benefits of operating in a location that hosts offices of numerous buyers, enabling closer connections with existing clients and access to untapped markets.
The initiative, he added, would facilitate real-time communication, boost brand credibility through a physical presence, and create opportunities for partnerships and growth in the US market.
Envoy Textiles currently operates an overseas office in Hong Kong.
Chairman of the company Kutubuddin Ahmed noted that global brands, particularly in Europe, America, and East Asia, have increased their sourcing from Bangladesh in recent years.
"Securing more buyer nominations will significantly enhance our business," he said.
The company's production capacity for blended yarn stands at approximately 4,380 tonnes per year, or 12 tonnes per day.
Financial performance
In the last fiscal year, Envoy Textiles reported a 28.54% increase in revenue, driven by a 25% rise in demand for its denim fabrics globally.
During the first quarter of the current fiscal year (July-September), the company posted a net profit of Tk25.33 crore, marking a 134% year-on-year increase. Revenue during the quarter rose by 40% to Tk439.94 crore.
Envoy Textiles' shares closed at Tk37.40 on Wednesday. The company paid a 20% cash dividend to shareholders in the last fiscal year.
