Business

Young apparel entrepreneur offers ‘winning deal’ to Sri Lankan nationals living abroad

Published

4 years ago

2022/07/4

A 100% Sri Lankan clothing brand competing with several global companies on e-commerce platforms appeals to the Sri Lankan expatriate community to help grow the company’s international sales volume and bring in much needed foreign currency to Sri Lanka at this crucial hour for the country. Ranil Willadarage, CEO & founder of GFlock says, “This is not a charity appeal. This is a win-win transaction for Sri Lankan expatriates across the world that offers value for their hard-earned foreign currency, and the money in turn being used to import essential commodities for their fellow countrymen. As a nation, we have hit the rock bottom. The only way to go if we keep on fighting with each other is six feet under. We cannot start attacking each other again, destroy public property, set fire to private assets and fall even further. Everyone has to come together as a nation and overcome this terrible situation.”

When asked to elaborate on his solution to the foreign exchange crisis, he says,” Our company offers a sustainable solution that can help save this country. Most of our Sri Lankan expatriate community purchases their clothing from brands such as Zara, Mango, Myer, Uniqlo, H&M, and Shein. Most of these brands are based in Europe and other developed countries in the Asia-Pacific region. Sri Lankans living in the United States, Canada, Australia and Europe tend to spend an average amount of $300-$500 as their annual clothing budget on aforementioned foreign brands. My kind request to our Sri Lankan communities abroad is to spend their clothing budget at Gflock, and place orders through our global online store, which is brought to them through the efforts of the creative workforce in Sri Lanka.”

“We know that a fashion company is a business that can earn a lot of revenue. If we take Zara, another brand with a fast fashion business model like ours, their annual revenue is between $ 20-25 billion. H&M also has similar revenue. The Shein brand founded 14 years ago in Nanjing, China, now ships to over 220 countries. With highly competitive prices and their online-only B2C model, Shein’s annual revenue is now at a staggering USD 15 billion. With the arrival of the pandemic, their annual revenue increased exponentially within the course of three years and the $3.5 billion revenue in 2019 grew to a massive $15.7 billion by 2021.”

“Taking inspiration from this and with the help of Sri Lankan expats, within 5-7 years it should be possible for us to reach an annual income of USD 5 billion. The Gflock business model is established in a way that can be scaled up as needed. My team and I have the specialized knowledge, experience and integrity required for that. So I request our Sri Lankans living abroad to think about their home country that is on the verge of collapse when spending their monthly clothing budget and buy from Gflock, a brand founded and run by the creative younger generation in their home country. Apart from that, I appeal them to be a brand ambassador for this business by promoting the goal of saving our country with at least 5 more expats and get them to buy clothes from us. If that can be achieved, we will be able to get rid of the oil and gas queues, the shortage of medicines, and the shortage of food and bring the country back to normalcy sooner than we think.”

“1/3 of the profit from our business is spent on providing a monthly essential goods package worth Rs. 8000 to our indirect employees who function as garment workers. Every week we practice gratefulness by publishing photos of such acts on our Facebook page and thanking all our customers who contributed toward these worthy causes. Also, we initiated the project of giving away a free plant with every purchase on World Environment Day -2018. Within the course of 4 years since its inception, we have managed to create over thirty thousand such meaningful bonds that link our brand and customers together with Mother Nature.”

“When the customers realize their purchase contributes to a greater good that goes beyond just a piece of clothing, it gives them a high sense of self-satisfaction, and the next time they make a purchase they do it intending to support a greater good. As owner of Gflock, I am prepared to offer 51% of the business’s shares to the Sri Lankan public in 2025. By implementing this model combined with the expected income, we shall be able to create a strong public movement that can help achieve inclusive prosperity for Sri Lankans.”

According to Ranil, GFlock releases 40-50 new designs every week, categorized under casual wear, work wear, evening wear, menswear, linen and denim for local and international customers through their three retail stores in Sri Lanka and GFlock.com online store, where they ship their products globally.

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Business

Embedding human rights, equity and integrity into business leadership

Published

3 hours ago

2026/03/5

Sahan Weerasooriya

Rathika de Silva, Executive Director

At its 2026 Social Sustainability Programme Kick-Off, the UN Global Compact Network Sri Lanka convened business leaders to advance the translation of global ambition into practical corporate action on inclusion, integrity and human rights.

On 24 February 2026, the UN Global Compact Network Sri Lanka (Network Sri Lanka) convened business leaders at Barefoot Garden Café for its 2026 Social Sustainability Programme Kick-Off, delivered in collaboration with Good Life X.

The gathering did more than introduce a calendar of events. It positioned Sri Lanka’s corporate community within the broader direction of the UN Global Compact’s 2026–2030 global strategy — a strategy anchored in three imperatives: equipping companies to act, catalyzing collective action, and advancing the business case for responsible leadership.

At its core, the 2026 Social Sustainability agenda is designed to move companies from commitment to capability.

Within the Diversity & Inclusion Working Group, this means building practical pathways toward equal pay for equal work and strengthening male allyship as a governance issue rather than a cultural afterthought. It means examining sexual and reproductive health, disability inclusion, and mental health not as employee benefits, but as structural determinants of productivity and retention. It means sharpening strategic communications so inclusion is embedded in brand integrity. It also means applying science-based behavioural change approaches to shift organizational culture in measurable ways.

Across the Business & Human Rights Working Group, equipping companies takes the form of deepened engagement on decent work and living wage implementation, strengthening human rights due diligence processes, and addressing emerging risk areas such as AI and digital rights. It extends to reinforcing business integrity and anti-corruption frameworks, understanding the social dimensions of a just transition, and recognizing the link between child rights, nutrition, and workforce productivity.

Business

Union Bank to raise LKR 3 Bn via Basel III Compliant Debenture Issue

Published

3 hours ago

2026/03/5

Sahan Weerasooriya

Shanka Abeywardene

Union Bank of Colombo PLC announced its proposed Debenture Issue 2026, a strategic move aimed at raising up to LKR 3 billion. This issue is designed to bolster the Bank’s Tier II capital base and provide a robust financial foundation for its upcoming growth initiatives.

The offering consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable high-yield debentures with Non-Viability Conversion. The instrument has been assigned a rating of BB (lka) by Fitch Ratings (Lanka) Ltd, reflecting the bank’s creditworthiness and the structured nature of the subordinated debt.

Investors can choose from three distinct interest structures starting from a high-yield 13% fixed rate per annum (Type A). This option is paid annually, while Type B offers a 12.5% fixed rate paid semi-annually (12.89% AER). For those seeking market-linked returns, Type C provides a floating rate of the 182-days Treasury Bill rate plus a 400-basis point margin, also paid semi-annually.

The debentures are priced at LKR 100 per unit with a 5-year tenure (2026–2031). The initial issue size is set at 20,000,000 debentures with an option to raise 10,000,000 at the discretion of the Bank and is scheduled to open on 10 March 2026.

Shanka Abeywardene, Chief Financial Officer of Union Bank stated “This debenture issue marks a significant step in the Bank’s journey towards enhanced financial stability. By strengthening its capital adequacy, Union Bank is well-positioned to navigate evolving market conditions while fuelling its long-term strategic objectives for sustainable growth”

Business

Sanjay Kulatunga appointed to WindForce Board

Published

3 hours ago

2026/03/5

Sahan Weerasooriya

Sanjay Kulatunga

WindForce PLC announced the appointment of Sanjay Kulatunga as an Independent, Non-Executive Director to its Board with effect from 03rd March 2026, following the resignation of Dilshan Hettiaratchi. The appointment further strengthens the Company’s governance framework, strategic oversight, and long-term decision-making capabilities.

Kulatunga brings an established track record as a founder, entrepreneur, and senior executive across financial services and export-oriented industries. He is the Chief Executive Officer and Co-Founder of LYNEAR Wealth Management, a boutique investment firm established in 2013, which has since grown to become one of Sri Lanka’s largest private wealth management institutions, serving high-net-worth individuals as well as local and international institutional clients.

Prior to founding LYNEAR, Kulatunga played a pivotal role in the establishment of Amba Research, an investment research offshoring firm rooted in Sri Lanka and now operating as part of Acuity Analytics.

Over the years, he has contributed extensively to several key national institutions. His previous appointments include serving on the Financial Sector Stability Consultative Committee of the Central Bank of Sri Lanka, as well as the Board of Investment of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.