Business

Salon owners contemplating pulling the plug, putting more than 300,000 jobs at risk

Published

4 years ago

2022/09/26

Thilina Walpola

= Ban on imported cosmetic products hampers industry
= Marked decrease in consumers patronising salons
= Developing Sri Lanka as a wedding-hub ‘fading away’
= Urges President to help protect the self-reliant industry

By Sanath Nanayakkare

Ninety percent of salons across Sri Lanka are at the risk of closure unless the temporary ban on imported cosmetic products is lifted soon, Jackie Aponso, president, Hair and Beauty Cluster (HBC) said last week addressing a press conference in Colombo.

She claimed that such an eventuality could lead to 75%-80% job losses of industry personnel. “That’s a large number as HBC is a unification of many associations in the beauty and personal care sector with 450,000 members,” she said.According to the figures given by her if the situation persists, 337,500 – 360,000 jobs would be lost for employees in the industry.

‘Yes, there is a sound fiscal argument for the government’s temporary ban on imported cosmetic products in the tight foreign exchange reserves backdrop. But if the ban is not lifted by the end of this month to facilitate the availability of international cosmetic brands in the market for upcoming Christmas and New Year, its impact will take a devastating toll on the 450,000 self-employed individuals engaged in the industry and 1.5 million of their dependents”, Jackie said.

‘Most foreign and local customers prefer international brands for their hair and skin treatments. Although a number of home-grown cosmetic brands have emerged, customers prefer their hair and facials done with brands that have been frontrunners in the market which they have relied on for years. Being a highly customer-centric business, we have to work with formulas that customers are comfortable with, because they are concerned about what we put on their face and hair.”

“It’s a relief to hear that the import ban is temporary. But it needs to be lifted quickly to allow sufficient lead time for cosmetics importers to place orders and bring the products to Sri Lanka. It was no secret that our industry was heavily battered by the Covid-19 pandemic and somehow we braved up to this point safeguarding our businesses. And we all have been looking forward to this season to offset the losses we suffered in the past two and a half years. If the ban is lifted by end of this month, imported brands will be available in the market by mid or end of November, and salons will be well-positioned to start work diligently as the season kicks off. But if the imported products reach here as late as mid-December, then this year also will be marked as another unfortunate business year for the salon industry, “she said.

“When we don’t have wedding makeup essentials, a number of other industries also will get affected; such as hotels, wedding and event planners, wedding florists, bridal photographers, Poruwa suppliers, hall decorators and so on. As a result of the import ban, a black market has emerged where the prices of cosmetics have gone up by 6-7 folds. This has put 90% of our beauty and personal care parlours in great difficulty. A hair spray which was about Rs. 2,000, now costs Rs. 12,000. Can we pass that cost burden to the customer? No, we can’t. It is the same with all other products. There are a few salons that can afford such high costs and charge high prices, but the majority of our members are not so, and they are at the risk of closing their businesses. As there has been a marked decrease in customers patronizing salons, some members even called us and asked for help to sell their equipment and exit the industry. Such a situation may create an unemployment problem as they are all self-employed individuals.”

According to HBC, the industry’s cosmetics import bill accounts for 0.08% of the total national import bill. They also highlighted the fact that all registered cosmetics importers and HBC members pay their due taxes to the government.

Salon entrepreneur Bernie Balasuriya said: “Our industry brings in foreign exchange to the country. When foreigners and expatriates come to Sri Lanka for weddings, their families stay in hotels for about a week. Sometimes we set up salon space inside the hotel to cater to beauty and personal care needs of these visitors. They want us to use international cosmetic brands. This is an industry which earns foreign exchange and which therefore demands best industry practices.”

Theekshani Kariyawasam, Gold medal winner at OMC Hairworld in France in the category of bridal makeup, who successfully competed against contestants from more than 60 countries, said that the situation is so sad especially because Sri Lankan beauty artistes and entrepreneurs have never been a burden on the economy. We have always relied on our own talent and commitment. We need international cosmetic products to work with and be recognized for highest standards on par with other destinations.”

Asoka Thilakaratna who boasts 35-years of experience in the industry said,”Skilled Sri Lankan hairdressers and beauticians get overseas jobs because they have a lot of knowledge and experience in working with international cosmetic brands and techniques. That serves as a plus point for them at job interviews with prospective foreign employers. Further, I heard the good news that there would be some Indian weddings taking place here in Sri Lanka in November, December and January. I know from my experience that they come as groups about a week before the wedding and get all their beauty treatments done in Sri Lanka. If we don’t have cosmetic brands they love and trust, we could miss out on these business opportunities because they make it a point to stay away from lesser known products and fake products.”

Concluding the comments, Jackie Aponso said,” We have made an appeal to President Ranil Wickremasinghe to consider the lifting of the ban with the objective of protecting this self-reliant industry and its self-employments. We look forward to a favourable solution in time to get back to business.”

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Business

Saudi Arabia deepens investment in Sri Lanka with USD 50 mn medical faculty

Published

14 hours ago

2026/07/7

Sahan Weerasooriya

Dignitaries at the launching of the new medical faculty.

Saudi Arabia has reaffirmed its long-term commitment to Sri Lanka’s economic and social development with the inauguration of the USD 50 million Faculty of Medicine at Sabaragamuwa University, a flagship investment expected to strengthen higher education, healthcare capacity and human capital while reinforcing the growing bilateral partnership between the two countries.

The project, financed by the Saudi Fund for Development (SFD), was inaugurated on Saturday in the presence of Prime Minister and Minister of Higher Education Harini Amarasuriya, Saudi Ambassador to Sri Lanka Khalid Hamoud Al Kahtani, SFD Deputy Chief Executive Officer Eng. Faisal Al-Kahtani, senior government officials and representatives of both countries.

Addressing the ceremony, Prime Minister Dr. Harini Amarasuriya described the project as another milestone in the enduring partnership between Sri Lanka and Saudi Arabia, expressing appreciation for the Saudi Fund for Development’s continued support in expanding higher education and creating opportunities for future generations of Sri Lankan students.

The premier said the new Faculty of Medicine would help address the country’s growing demand for qualified medical professionals while strengthening the national healthcare system.

Ambassador Khalid Hamoud Al Kahtani said the inauguration reflected the “strong and enduring partnership” between the Kingdom of Saudi Arabia and Sri Lanka and underscored the two nations’ shared commitment to education, healthcare and sustainable development.

The Ambassador added:”This achievement stands as a testament to our shared commitment to advancing education, healthcare and sustainable development.”

The Ambassador paid tribute to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Mohammed bin Salman for their vision and continued support for international development initiatives that foster economic cooperation and sustainable growth across partner countries.

He also commended the Saudi Fund for Development for financing and implementing the project, describing the Faculty as an investment in human capital, knowledge and Sri Lanka’s future healthcare workforce.

“We are confident that this new Faculty will play a vital role in educating future generations of medical professionals, serving the people of Sri Lanka and further strengthening the close friendship and cooperation between our two countries,” the Ambassador said.

SFD Deputy CEO Eng. Faisal Al-Kahtani said the project represented far more than a new academic institution.

“It is an investment in people, knowledge and opportunity. For more than four decades, the Saudi Fund for Development has partnered Sri Lanka in projects that improve lives and support sustainable economic and social development,” he said.

The state-of-the-art Faculty of Medicine features modern laboratories, para-clinical teaching facilities and a comprehensive library, significantly expanding Sri Lanka’s medical education infrastructure.

Since 1981, the Saudi Fund for Development has provided approximately USD 422.7 million through 15 development loans supporting 12 major projects in education, healthcare, water supply, transport and energy, making Saudi Arabia one of Sri Lanka’s key development partners in long-term infrastructure and human resource development.

By Ifham Nizam

Business

Arpico Insurance welcomes finance professional Naresh Tillekeratne to Board

Published

14 hours ago

2026/07/7

Sahan Weerasooriya

Arpico Insurance PLC, a renowned life insurance provider and a subsidiary of the blue-chip conglomerate Richard Pieris & Company PLC, has announced the appointment of Naresh Tillekeratne to its Board of Directors. This move further reinforces the Company’s commitment to operational excellence and stakeholder value as it embarks on its next phase of growth.

With a career spanning over 35 years in International Banking and Non-Bank Financial Institutions (NBFIs), Tillekeratne brings deep expertise in enterprise risk management, compliance, and corporate structuring. With over 15 years in C-level and senior management roles across Sri Lanka and the Middle East, he has forged a reputation for driving bottom-line efficiency and structural transformation.

Commenting on the appointment, Ramal Jasinghe, Chairman of Arpico Insurance PLC, stated “We are pleased to welcome Naresh Tillekeratne to our Board. He is a respected figure in the financial services landscape, recognised for his risk-management acumen and strategic foresight. As Arpico Insurance continues to scale and navigate complex and ever-evolving business and governance environments, his extensive cross-border experience will be invaluable in safeguarding stakeholder value and steering our sustainable growth trajectory.”

Prior to joining the board at Arpico Insurance PLC, Tillekeratne served as Chief Executive Officer of Assetline Finance PLC (previously Assetline Leasing Company Ltd), following a tenure as General Manager – Credit & Operations at AMW Capital Leasing and Finance PLC.

Jayalal Hewawasam, CEO of Arpico Insurance PLC, added “We are entering a dynamic phase of innovation and growth at Arpico Insurance, and strong corporate governance remains at the very heart of that journey. We are delighted to welcome Naresh Tillekeratne to our Board of Directors and the Company Management looks forward to working with him, and to harness his expertise in supporting our growth trajectory. We are confident that his proficiency in international banking, coupled with his acumen in enterprise risk management, will add tremendous depth to our leadership structure.”

Tillekeratne’s international exposure includes C-level responsibility at the Abu Dhabi Commercial Bank (UAE), where he engineered the restructuring of credit approval mechanisms and documentation controls to maximize portfolio returns. Prior to that, he completed a distinguished tenure spanning over two decades at Citibank NA Middle East, ascending to the level of Senior Vice President and Regional Head of Credit Risk Management for the Middle East, Egypt, and Pakistan. During his time with Citibank, he was also a key member of the specialized projects team tasked with advising and structuring financing for iconic state-backed development projects across Saudi Arabia, the UAE, Qatar, Egypt, and Bahrain.

Speaking on his new role, Tillekeratne noted “It is a privilege to join the Board of Arpico Insurance PLC, an institution anchored by the enduring 90-year legacy of the Richard Pieris Group. My primary focus will be to enhance our risk-governance architectures to ensure we meet our promises to policyholders while driving growth and innovation. I look forward to collaborating with the Board and the Senior Management to drive our strategic evolution with absolute integrity.”

Business

EFC new Chair reaffirms commitment to national employment policies and responsible business initiatives

Published

14 hours ago

2026/07/7

Sahan Weerasooriya

Sanath Manatunge (Chairman) and Dinal Peiris (Vice Chairman)

The Employers’ Federation of Ceylon (EFC) recently concluded its 97th Annual General Meeting at the BMICH. At this general meeting, the Board of Trustees and Council Members representing different employer groups were appointed for the financial year 2026/27.

The outgoing Chairman, Dinesh Weerakkody expressed his appreciation to the Council, Members and the EFC Secretariat for the invaluable support extended to him throughout his tenure. Sanath Manatunge, Managing Director/CEO of the Commercial Bank of Ceylon PLC was appointed as the new EFC Chairman while Dinal Peiris, Chairman and Managing Director of the Lanka Aluminium Industries PLC Group was appointed as the Vice Chairman.

In his inaugural address, the new Chairman, while underlining the significance of the Federation, stated that, as the National Employers’ Organisation, the EFC will continue to contribute to labour law reforms that support future-ready businesses while driving responsible business initiatives. Manatunge who counts 36 years of experience having held very senior positions in the financial sector, presently serves on the Boards of Commercial Development Company PLC, and Commercial Bank of Maldives (Pvt) Ltd. as the Deputy Chairman. He is also the Chairman of the Sri Lanka Banks’ Association. Following his appointment as the new EFC Chair, the senior professional further emphasised the importance of engaging with the tripartite stakeholders to collaboratively advance shared objectives and strengthen Sri Lanka’s employment landscape.

Manatunge also represents key industry interests as a Member of the UNICEF Business Council, the Ceylon Chamber of Commerce, and the World Bank Group’s Private Sector Advisory Council. His regulatory and advisory contributions include serving as an Ex-Officio Member of the Stakeholder Engagement Committee of the Central Bank of Sri Lanka, as well as a Member of the Project Steering Committee (PSC) for the Central Bank’s Fraud Risk Management (FRM) System.