Envoy, Sri Lanka’s international brand and the premier brand of Hameedia that is synonymous with style and quality, will be expanding into the Middle East with the upcoming opening of the Envoy Dubai showroom in Festival Mall in Dubai on 22nd October 2022. This is the second international branch of Envoy which also has the Envoy London outlet at Kensington High Street in UK.
Envoy is a premium brand that is on par with international luxury clothing and is yet affordable. The brand has been created following nearly 25 years of extensive research and development. It offers a range of solutions to upgrade the modern fashionable man with services that include readymade, made-to-measure, bespoke and total accessories. The product range includes formal, ceremonial, smart casual, casual, linen, suits, shirts, blazers and trousers. There is also a wide range of bespoke leather products including shoes, belts and men’s accessories that perfectly complement the clothing collection.
It also offers bespoke, made-to-measure and ready-made suits, jackets, trousers and shirts in different styles. Envoy menswear solutions are unique as they provide suits for little boys as young as 2-years-old all the way to senior citizens in their twilight years. One of its biggest client base is the wedding market where the groomsman and his entourage are able to dress up in the most fashionable, premium menswear available anywhere.
Envoy only works with top global brands that understand design engineering. In its quest to achieve perfection in design, each detail in the creation is given special significance. Therefore, all creations are crafted only using the world’s most admired brands such as Albini, Thomas Mason, Loro Plana, DORMEUIL, Ermenegildo Zegna, VBC, and Tessitura Monti. Overall, more than 300 types of fabrics from Italy, Europe and Asian countries are available for suiting and shirting
The United Arab Emirates (UAE) has long been recognised as one of the most competitive emerging market in the Gulf region and regularly tops global studies for creating the best environment for businesses based on its logistics strengths, business climate and digital readiness. By opening a branch in such a dynamic environment, Envoy is further highlighting its credentials as a brand of international repute. Additionally, the revenue generated from this showroom will also provide a timely boost to Sri Lanka’s economy as the island tries to increase its foreign exchange reserves
Fouzul Hameed – Managing Director of Hameedia and Certified Menswear Image Consultant (USA) stated, “We are excited to be opening our latest showroom in this wonderful mall. By using only the world’s finest materials and exquisite craftsmanship our aim is to cater to discerning clients who appreciate the finer things in life. Each Envoy product is carefully crafted with fine details to give an unparalleled fashion statement. The brand identity plays a significant role in creating brand awareness and educating the audience to understand the product, which are sold under Envoy at the Festival Mall. We are determined to continue to create innovative, premium quality luxury clothing with a sustainable focus and desire to contribute to the society.”
More information on Envoy can be obtained by following the “FH Men’s Style Guide” on YouTube and also via www.envoylondon.com.
JKH records EBITDA growth of 9% to Rs.10.41 billion in Q3
Summarised below are the key operational and financial highlights of our performance during the quarter under review:
Group EBITDA recorded an improvement to Rs.10.41 billion during the quarter under review, which is an increase of 9 per cent against the comparative period of last year [2021/22 Q3: Rs.9.53 billion]. Excluding the impact of a one-off deferred tax charge at South Asia Gateway Terminals on account of the significant change in income tax rates, Group EBITDA increased by 17 per cent to Rs.11.17 billion in the third quarter of the financial year 2022/23.
Apart from the Consumer Foods and Property industry groups, the Group’s businesses recorded growth in EBITDA compared to the third quarter of the previous year.
The Transportation industry group recorded an increase in profitability due to its USD denominated revenue streams and resultant translation gains due to the depreciation of the Rupee as compared against the previous year.
The groundwork on the West Container Terminal (WCT-1) at the Port of Colombo is progressing well with the dredging works being rapidly completed. The contract for the quay wall construction, a significant component of the overall construction works, was awarded in October 2022. Overall timelines for the project remain as originally envisaged.
The Leisure industry group recorded a strong performance driven by the Maldivian Resorts and Colombo Hotels segments.
The Supermarket business recorded an EBITDA growth of 26 per cent to Rs.1.99 billion due to an increase in same store sales driven by a combination of higher customer footfall and basket values due to high inflation. The overall profitability in the Retail industry group was impacted by a substantial decline in the EBITDA of the Office Automation business compared to the third quarter of the previous year.
Profitability in the Consumer Foods businesses were impacted by volume declines reflective of dampened consumer sentiments, and lower margins, although margin pressure is expected to ease off from the fourth quarter of 2022/23 onwards.
The Property industry group recorded a decline in profitability as the third quarter of the previous year included revenue and profit recognition from the handover of the residential apartments and commercial office floors at ‘Cinnamon Life’. The recognition of revenue of all units sold at ‘Cinnamon Life’ up to 31 March 2022 was recorded across 2021/22.
The Insurance business recorded a growth in the life insurance surplus and gross written premiums whilst Nations Trust Bank recorded an increase in net interest margins and a reduction in costs.
The Group’s carbon footprint per million rupees of revenue decreased by 25 per cent to 0.38 MT while the water withdrawal per million rupees of revenue decreased by 17 per cent to 7.56 cubic meters.
Initiatives under ‘ONE JKH’, the Diversity, Equity, and Inclusion (DE&I) brand of the John Keells Group, included a perception survey to better understand employee awareness and sentiment towards increasing career opportunities for persons with disabilities.
Cognizant of the multiple economic hardships faced by the people of the country, and in recognition of the Group’s role as a leading responsible corporate citizen, the Group continued its multipronged crisis response programme with a particular focus in the areas of food security, education and nutrition among vulnerable segments such as school children.
CSE positively impacted by US ambassador’s comments on bail-out
By Hiran H. Senewiratne
CSE share trading kicked off on a positive note yesterday following US ambassador Julie Chung’s positive comments on the IMF bailout to foreign media and the US Under Secretary of State for Political Affairs Victoria Nuland arriving in Sri Lanka last morning, stock market analysts said.
The market gained in mid-day trade yesterday, mainly pushed up by banking and financial sectors, brokers said. As a result, both indices moved upwards. The All- Share Price Index went up by 84.96 points and S and P SL20 rose by 45.29 points.
Turnover amounted to Rs 1.5 billion without any crossings. The reason for investor sentiment to move up was because it was clear that the US seems to be pushing creditors to go for debt restructuring to obtain the IMF bailout for Sri Lanka, analysts said.
In the retail market seven companies that mainly contributed to the turnover were; JKH Rs 239 million (1.7 million shares traded), Softlogic Life Insurance Rs 175 million (1.4 million shares traded), Lanka IOC Rs 164 million (805,000 shares traded), Expolanka Holdings Rs 154 million (806,000 shares traded), Softlogic Capital Rs 125 million (7.8 million shares traded), Tokyo Cement (Non -Voting) Rs 46.5 million (1.5 million shares traded) and Lanka Tiles Rs 46.4 million (one million shares traded).
It said high net worth and institutional investor participation was noted in John Keells Holdings, Lanka IOC and Lanka Wall Tiles. Mixed interest was observed in Softlogic Life Insurance, Expolanka Holdings and Chevron Lubricants, while retail interest was noted in LOLC Finance, Softlogic Capital and Browns Investments.
The Capital Goods sector was the top contributor to the market turnover (due to JKH), while the sector index lost 1.06 per cent. The share price of JKH recorded a loss of 50 cents to settle at Rs. 139.50.
The Insurance sector was the second highest contributor to the market turnover (due to Softlogic Life Insurance) while the sector index increased by 1.31%. The share price of Softlogic Life Insurance increased by Rs. 2 to close at Rs. 120.50.
Lanka IOC, Softlogic Capital and LOLC Finance were also included among the top turnover contributors. The share price of Lanka IOC lost Rs. 2 to close at Rs. 206.25. The share price of Softlogic Capital moved up by 20 cents to close at Rs. 15.90. The share price of LOLC Finance closed flat at Rs. 6.90.
“We are seeing a lot of activity today, mostly retail interest led by the life insurance companies like Softlogic life and Softlogic Capital, a market analyst said. “Foreign buying was there in the last few days as well”. During the day 60.2 million share volumes changed hands in 14000 transactions.
It is said that Colombo City Hotel subdivided its shares by one share into 20 ordinary shares for its shareholders.
The stock market ended the first month of the New Year with a gain of over 4 per cent, largely influenced by strong momentum earlier on as investor sentiment of late has been bearish.
January saw the benchmark ASPI gain by 4.4 per cent and the active S&P SL20 Index by 5 per cent. Daily turnover averaged Rs. 1.86 billion, according sources said.
Dr. Rasarie Wimalana obtains Global Best Results at the International Board of Lifestyle Medicine Examination – 2022
A young Sri Lankan professional has brought honour and recognition to Sri Lanka by achieving world class results in a highly standardized examination held globally for the increasingly popular specialty of Lifestyle Medicine.
Dr. Rasarie Wimalana showcased Sri Lanka internationally by obtaining Global Best results
at the acclaimed International Board of Lifestyle Medicine (IBLM) Examination held in December 2022. The exams drew applications from over 1400 licensed physicians and allied post graduate health professionals representing multiple countries including the United Kingdom and the United States.
The IBLM is a global benchmark that sets and upholds strict criteria for assessment and evaluation of physicians and health professionals in Lifestyle Medicine worldwide. Being certified as an IBLM diplomate translates to possessing specialized knowledge in lifestyle medicine which broadens the application of sustainable treatment of non-communicable diseases.
As the most prestigious and largest lifestyle medicine platform in the world, The American College of Lifestyle Medicine (ACLM) states, therapeutic lifestyle interventions can be used as a primary modality to treat chronic conditions such as cardiovascular diseases, type 2 diabetes, and obesity and when used intensively by certified clinicians, it can often reverse chronic disease. The ACLM states that the six pillars of lifestyle medicine—a whole-food, plant-predominant eating pattern, physical activity, restorative sleep, stress management, avoidance of risky substances and positive social connections—also ensure effective prevention of chronic conditions and can help an individual optimize lifestyle changes needed to develop a holistic approach to over-all wellbeing.
Dr Rasarie who calls both Musaeus College and Visakha Vidyalaya her alma maters, obtained her MBBS from Manipal College of Medical Sciences in Nepal before working in both state and private sector institutions in Sri Lanka. She is currently completing her Master’s in Health Psychology at the University of West London.
As an intensive care doctor of five years, she first handedly witnessed the catastrophic consequences of uncontrolled non communicable disease complications and their tragic effects on her patients and family members. Now, as a newly certified clinician in lifestyle medicine, she believes that although the awareness of Lifestyle Medicine is low in Sri Lanka, there is tremendous potential for the sector to expand. With greater awareness and growing interest, she believes that more and more people can make best use of it to improve their chronic conditions.
While working with The Sri Lankan Society of Lifestyle Medicine (SLSLM) towards their vision of transforming Sri Lanka through a sustainable healthcare system with lifestyle medicine at the core, she says that there is no better opportunity than now to incorporate holistic wellness into our lives with the adaptation of lifestyle medicine.
“Lifestyle medicine can achieve a powerful impact through providing a personalized medical service in clinical practice while also reiterating the importance of public health, research and education. It could bring together medicine and allied health sciences to work together towards minimizing the devastating impact of non-communicable disease burden in Sri Lanka.” She says in conclusion.
Showers above 50mm are likely at some places in Western, Sabaragamuwa, North-Western and Uva provinces.
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