Teejay Group, a leading textile manufacturer in Sri Lanka, has remained resilient amidst challenging global circumstances, adhering firmly to its Long Range Plan (LRP) aimed at achieving a revenue target of USD 300 million by FY 2025/26. This comprehensive strategy focuses on leveraging the Group’s robust foundation and high-performing Strategic Business Units (SBUs) while exploring new avenues for growth. With an emphasis on innovation, sustainability, and digital transformation, Teejay is positioning itself as a formidable player in the global textile industry.
Innovative Product Development and Market Expansion
In line with its long-term growth strategy, Teejay Group has continuously aligned its offerings with evolving customer demands and market trends. The Group focused on enhancing product capabilities and diversifying its product mix to cater to specific customer needs, particularly through customized solutions. A significant area of growth has been the development of synthetic products, with the successful integration of jacquard and fleece into its portfolio leading to bulk orders throughout the year.
Teejay’s investments in single jersey jacquard knitting technology across Teejay India and Teejay Prints have yielded substantial benefits. The addition of finer gauge knitting capabilities and advanced reactive printing has further strengthened the Group’s offerings, allowing it to explore new segments within the specialized knit fabric space.
Strategic Market Penetration and New Ventures
The Group achieved significant milestones in its market expansion efforts, particularly in Asia. A new Business Unit was established to incubate and target new customers in the region, with a strategic focus on penetrating the Bangladeshi market. Despite initial challenges, Teejay successfully launched a brand initiative in Bangladesh, positioning itself as a “one-stop fabric solutions provider.” This move has already shown promising growth, which is expected to contribute significantly to the Group’s revenue in FY 2024/25.
Commitment to Sustainability and Operational Excellence
Teejay Group’s commitment to sustainability is exemplified by its robust Environmental, Social, and Governance (ESG) framework. The Group has set ambitious targets under the Science-Based Targets initiative (SBTi), including a 42% reduction in Scope 1 and 2 emissions and a 25% reduction in Scope 3 emissions by 2030, with a long-term goal of achieving Net Zero emissions by 2050.
Teejay’s facilities have consistently excelled in the Higg FEM environmental module, with Teejay Lanka achieving some of the highest scores within the Sustainable Apparel Coalition. The Group’s environmental responsibility is further underscored by its significant strides in digital transformation, including the implementation of SAP S/4 HANA across all plants and the integration of Internet of Things (IoT) devices for enhanced operational efficiency.
Focus on Future-Ready Infrastructure
In 2023/24, Teejay Group made strategic investments in machinery and infrastructure to enhance its production capabilities. New automated machinery for finer-gauge jacquard knitting and mechanical finishing, such as sueding and brushing, have expanded the Group’s product offerings and increased installed capacity by nearly 9%. These investments ensure timely delivery, guaranteed quality, and cost-effectiveness for customers, aligning with the Group’s Long Range Plan.
Teejay Group’s unwavering commitment to its Long Range Plan, coupled with its focus on innovation, sustainability, and market expansion, positions it strongly for future growth. As the Group continues to invest in cutting-edge technologies and sustainable practices, it remains a key player in the global textile industry, well-prepared to navigate future challenges and opportunities.
