Founded by Mr. Fakir Badruzzaman and led by his determined and progressive sons, Mr. Fakir Kamruzzaman Nahid and Mr. Fakir Wahiduzzaman Riyead, their business acumen is the grooming result of generations of entrepreneurship. Fakir Fashion Limited (FFL) opened its door to the apparel manufacturing business in 2009 as an independent vertically integrated knit garment setup from other Fakir Group businesses already in existence. Since its inception, FFL has gone from strength to strength in becoming a leading apparel manufacturer in Bangladesh. At present it is adding value to the country’s economy by bringing millions of dollars in business from foreign markets and acting as a flag bearer for the ‘Made in Bangladesh’ brand.
Fakir Kamruzzaman Nahid, Managing Director, Fakir Fashion Ltd., is a third-generation serial entrepreneur with a strong business vision and a commitment to the eco-friendly industry with a focus on positive transformation, inclusive growth and ethical business practices. Having a long-term vision and strategic mindset, he aims to create sustainable and impactful change for the betterment of the industry and the environment. Nahid’s goal is not just personal success, but to pave the way for others to thrive and succeed. While also establishing a pioneering eco-logical industry in the country.
Mr. Nahid completed his Bachelor’s in Business Administration from Independent University, Bangladesh while Master’s in Business Administration from London School of Business, United Kingdom.
Currently, he is holding the position Managing Director of Fakir Fashion Limited & Fakir Technologies Limited; Director of F Studio London Limited; Chairman of Car Haat.
He is also the Director of Bangladesh Knitwear Manufacturers & Exporters Association (BKMEA); member of Bangladesh Garment Manufacturers & Exporters Association (BGMEA) and Entrepreneur’s Organization (EO).
Recently a team on behalf of Textile Focus visited Fakir Fashion Ltd. and discussed different aspects of the textile industry including current scenarios and challenges.
Feedback:
Rapid technical breakthroughs, globalization, and changing customer needs define the present industrial situation. Automation, AI, and digital transformation are being adopted by industries more and more to increase productivity and competitiveness. However, there are a number of serious obstacles to these advancements, such as the demand for trained labor, cybersecurity risks, and the influence of cyclical economic conditions. Industries also have to deal with issues related to environmental sustainability as well as regulatory changes, which call for creative solutions and flexible approaches. Long-term business success depends on recognizing and resolving these issues as companies work to strike a balance between expansion and resilience.
Industry Challenges:
In any sector, there are challenges or adversities. Here, the internal challenge is utility management and the external challenge is reducing the buyer product cost day by day. In this segment competitiveness is a major factor compared to other countries’ industries. India already reduced their manufacturing cost by more than 12% compared to us according to the buyer. If we determine proper use in utility and cost management then we must be focused on waste management. Besides, if we use waste management properly then we can overcome to reduce approximately 3-4% manufacturing cost but it also depends on industry culture. We cannot convince and get an order from a buyer unless we can show their extra benefit. It also reduces our negotiation power as well. Overall, we are under so much pressure because not only the unit price is reduced but all costs increasing daily. Lastly, if we want to overcome this situation, we must increase the utility capacity.
Strengths:
Fakir Fashion Ltd. believes in first fashion industry and produces all types of products from basic to critical. Now a day, we are capable of emphasizing critical products 40-50%. So, in the next two years, we try to make ourselves to capable of producing 60-70%. We surely believe in this outcome because of our valuable and experienced design studio. We can create almost 50% product by considering our design in terms of whole production and that is our strength to survive in critical moments. We try to change the management culture for more productivity and efficiency. We must be developing our industry data availability with the help of software ERP or others to capture all live data. We can try to use AI because AI can suggest what to do or not in making decisions. As an entrepreneur one should not focus on this year, one must be focused on the next five years. So that the whole company can get the benefit of it.”
Value added services:
With the technology help, we try to develop and bring the product in terms of energy as Battery Storage System (BSS) that helps our energy support alternative to diesel generator. Besides the 50% support of our own countries industry, also we try to export them. Our almost 50% global customers in this sector and in circumstances USA customer is almost 40%. In Fakir Fashion Ltd. around 200 engineers have worked already on different projects and we have planned to recruit more engineers in the next few years. Bangladesh also has a lot of opportunities in the IT sector and we are getting a lot of response in it. We also planning to do some government projects and try to deliver next-level service with hardware and software.
FFL approach:
Addressing the current industrial situation and challenges faced by Fakir Fashion Ltd is crucial. The company’s struggles highlight the broader issues within the textile and garment industry, necessitating immediate attention and action. By unraveling these challenges and implementing strategic solutions, Fakir Fashion Ltd can stabilize its operations and contribute to the industry’s sustainable growth. It is high time for stakeholders to collaborate and foster resilience in this vital sector.
