The year 2023, while undeniably challenging for the world and Sri Lanka, saw MAS maintain momentum towards making notable progress against our ambitious sustainability goals.
The year 2023, while undeniably challenging for the world and Sri Lanka, saw MAS maintain momentum towards making notable progress against our ambitious sustainability goals, as laid out in the Plan for Change.
The year brought escalating geopolitical, social, and environmental challenges, many exacerbated by climate change. Global economic volatility and aftershocks of Sri Lanka’s own economic crisis presented a cluster of factors that greatly impacted the apparel industry. Some of our key markets, like the United States and the European Union, were faced with inflationary pressures affecting consumer spending, while regulators were tasked with restoring economic stability amidst mounting environmental concerns. These factors had a significant impact on our operations.
We also recognise the responsibility that comes with being one of the largest employers in our areas of operation, and a leading manufacturer and innovator in the apparel value chain. Regardless of external realities, our core values are foundational to every decision ensuring that sustainability continues to be a strategic priority, aligned to our commitment to the principles of the UN Global Compact.
The well-being of our global workforce, including MAS’ large operational team in Sri Lanka, remained a priority during the year. In the face of mounting financial and social pressures, we continued to support our teams as we upheld our commitment to empowered teams, meaningful employment, and world-class workplaces. We are encouraged by the results of our efforts, which have not only increased engagement and retention, but also created a positive impact on the lives of our employees and their communities. 2023 was a momentous year for our signature programme for women’s empowerment – Women Go Beyond, which celebrates two decades of championing diversity and equity across all levels of our Group, and the wider community.
In 2023, thanks to new partnerships alongside continuous research and development, we saw an increasing share of our apparel revenue come from sustainable products. We made a strategic investment in HeiQ AeoniQ™ – a revolutionary new sustainable material, becoming the first apparel manufacturer to invest in this space. This investment strengthens our supply chain verticality and equips us to compete equitably with other players. Leveraging our extensive technical expertise, we are also collaborating with partner brands to accelerate adoption of sustainable solutions across the industry.
MAS received recognition once again for efforts to strengthen the economies in which we operate. In Sri Lanka alone, we were acknowledged at the Presidential Export Awards, with a collective total of 16 awards across the Company.
This Annual Report on progress attempts to capture the transformative impact of a decades-long dedication to sustainability that have not only transformed our operations, but also seen MAS inspire change for the industry, community, and environment. Our 2023 Report expands the conversation around our Plan for Change, incorporates greater transparency by alignment with the Global Reporting Initiative (GRI) framework, details efforts for long-term structural change and decarbonisation, and discusses some of the most pressing sustainability-related risks and opportunities specific to our industry. While the immediate focus is on achieving our ambitious goals for 2025, we have already begun laying the groundwork to expand and advance our strategy towards 2030.
As we move forward into a new year, we do so with a resolute spirit, inspired by the changemakers in our midst, and the potential we are seeing for transformation in our industry.
Suren Fernando
Group Chief Executive Officer
MAS Holdings
