ECONOMYNEXT – Sri Lanka Hayleys fabrics sees more opportunity in Europe and Western markets for thicker , with energy consumption expected to reduce in those markets due to an energy crisis after the Ukraine Russia war, officials at Hayleys fabrics said.
Dinusha Somasiri. Head of Innovation & product development at Hayleys, said, due to the energy consumption reduction in the European countries, the customers of have requested thicker fiber to cope with the cold.
“They have asked us to produce thicker fabric to make the winter clothing,” Somasiri told EconomyNext.
“Due to the energy use reduction, they have to now reduce the use of in-house heaters. So at the moment that is a market we have more opportunity”.
He also said, the firm is also focused on designing and manufacturing high tech sportswear as well.
“The sports world need more water absorbing and heat resisting clothes, and that is another trend we are seeing growing at the moment” Somasiri said.
Europe is in an energy crisis and a recession after the Ukraine and Russia war, with deliberate reduction of gas supplies by Russia is the main cause of the recent skyrocketing gas prices in the EU, which have impacted the price of electricity produced in gas-fired power plants and affected electricity prices overall.
Due to the energy crisis, the Europe Union has taken measures reduce electricity by 10 percent by the end of 2023, and asks the European countries to take reduction measures in their countries respectively.
With the energy consumption being reduced, the EU has warned the countries to be prepared to withstand a harder winter season where the energy consumption usually goes high.
Hayleys Fabrics currently earns a 150 million USD per annum and produces around 17,326 metric tons of fabrics per year after acquiring South Asia Textiles Limited on 22nd April 2021. (Colombo/ Nov 30/2022)