Following lifting of lockdowns in the European Union and the US, Pakistan’s leading textile exporter Interloop Ltd (ILP) has received several new orders for hosiery products such as socks.
A listed company at the Pakistan Stock Exchange (PSX), ILP manufactures products for renowned brands such as Adidas and Nike. The company’s denim division lost over half of its orders due to the COVID-19 pandemic while its hosiery division lost 15 per cent of the orders.
Around 60 per cent of the company’s export revenue comes from the EU while the rest comes mainly from the US.
The company has been able to get orders for its hosiery division from three new clients whereas work has also been done to bring new clients on board for its denim segment and one good brand is placing orders at very attractive prices.
Currently, the ILP’s denim segment is operating at a loss, however, it is expected to start contributing to profits from next year. Currently, the company is one of the world’s largest hosiery manufacturers and Pakistan’s sixth largest exporting firm.
It has two manufacturing units in Pakistan and Bangladesh, and one associated company in Sri Lanka, along with services available in the US, the Netherlands, China and Japan.