Partner leaves Nassa Group | The Daily Star
12:00 AM, July 13, 2010 / LAST MODIFIED: 12:00 AM, July 13, 2010

Partner leaves Nassa Group

One of the five partners of Nassa Group has left the leading garment maker due to what he said was an ownership dispute.
"I left the company in the face of problems over ownership," said Nazrul Islam Swapan, who was managing director of the group. He also said he is yet to get his full stake back.
However, Chairman of the group Nazrul Islam Mazumder said: "He (Swapan) left the group on his own."
Mazumder dismissed Swapan's claim that he was not given his stake back. "He (Swapan) got all his dues."
Swapan said: "In fact, I got a little of the pie when I left the group."
Nassa Group that started operations in the mid-1980s is worth Tk 2,000 crore now and has 33 units in operations.
According to Swapan, he had stakes at 50 percent, 30 percent and 25 percent in some units. He will start his own venture now.
Mazumder said the group exported garment items worth around $275 million in 2009 and the amount is expected to reach $300 million this year.
The garment business in Bangladesh is still coping with the impacts of global recession although international buyers are now shifting orders to Bangladesh as China, the largest supplier of apparel items, is facing the labour crisis, he said.
Also, the Chinese manufacturers have shifted their focus to high-end garment products, and so countries like Bangladesh and Vietnam are receiving increased orders.
Swapan said during his time the group witnessed a massive expansion.
He said the operation of the group's New York office was called off recently as it was not working well, but the offices in Hong Kong and London are doing well.
Of the 33 units of the group, five are textile mills, with more than 30,000 workers, Swapan said.
In 2007, exports of Nassa Group were around $225 million, up from $210 million in 2006.
The group also operates packaging, weaving and dyeing units to shorten lead-time and ensure quality.
US-based K-mart, WalMart, GAP, Sears, JC Penny and Woolrich and Europe-based George, ASDA, Primark, Carrefour, Tesco, H&M, C&A, Sainsburry and Metro are the major buyers of the group.
The main products of the group are shirts, blouses, shorts, pants, jackets, jumper, romper, overall and shortall. The group is also making swim shorts, pajama sets, hunting wears and shirts.

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