REVIVAL Group to lease, restart BEXIMCO Textile Division

Japanese–Bangladeshi fashion and sustainability venture REVIVAL Group Co Ltd and REVIVAL Projects Ltd will lease and restart the long-shuttered BEXIMCO Textile Division, according to a press release.

The decision paves “the way for more than 25,000 workers to regain their jobs and rebuild the stability that was lost when the factory was forced to close,” Benchmark PR said in a press release on Sunday.

The initiative is supported by US-based financing partner Ecomilli, founded by non-resident Bangladeshi (NRB) professionals, bdnews24 reports. “The reopening promises to reverse the devastating impacts felt when BEXIMCO Textile—once a national engine of growth and resilience was shutdown due to loan defaults after over three decades of successful operations. Overnight, thousands of workers were displaced, small businesses around the industrial zone collapsed and entire communities faced deep financial uncertainty,” the press release says.

“REVIVAL’s decision to take over the unit through a long-term lease brings renewed hope to those families who lost not just employment, but the foundation of their livelihoods.”

A draft agreement among REVIVAL Projects Ltd, Beximco, and Janata Bank was submitted on Oct 8, 2025, and Janata Bank is expected to review it in a meeting on Tuesday, with parties expecting to sign it within a month.

The official signing ceremony is tentatively dated to the third week of November, with senior leadership teams from REVIVAL and Ecomilli expected to arrive.

Under the first phase of the partnership, REVIVAL and Ecomilli will deploy $20 million in back-to-back LC support, with plans to expand to $100 million depending on factory performance and global demand, the press release said.

The companies plan to resume production by December 2025, bringing back more than 25,000 workers with dignity and security.

REVIVAL said it projects annual profits of Tk 5 billion by 2027, which will support repayment of outstanding loans and ensure long-term financial stability of the brand.

The group says it plans to restart factories at full scale, reinstate the original management team, and welcome back the whole workforce.

It added that “experienced C-suite leaders from Japan” would be brought in to implement Japanese management systems and operational discipline.
REVIVAL has also promised to appoint a major accounting firm to ensure “transparency and international-standard governance”.

The decision is part of REVIVAL’s long-term vision of the industry, the press release said.

“The company aims to reconnect BEXIMCO Textile with its global buyer base, while simultaneously developing new international partnerships. REVIVAL intends to establish Bangladesh not only as a reliable manufacturing destination but also as a source of innovation and brand creation.

 The company’s philosophy ‘Design locally, sell globally’ underscores its commitment to elevating Bangladeshi products from low-cost garments to premium, design-driven global fashion offerings. Also exporting premium products that carry the pride of ‘Made in Bangladesh’.”

The group is also planning to introduce advanced training and certification programmes for young designers and industry professionals.

Huda Mohammed Faisal, CEO and co-founder of REVIVAL said: “We see this as far more than just the reopening of a factory. It is the restoration of dignity for thousands of families. Every job regained is a story of recovery and renewed confidence in the nation’s future.”

Farhan S Karim, president of Ecomilli, stated: “As a non-resident Bangladeshi, it is an honour to help revive a facility that once powered our national economy. This isn’t about brain drain—it is about brain gain. We are proud to stand with the government of Bangladesh and REVIVAL to rebuild livelihoods and support the nation’s industrial resurgence.

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Osman Kaiser Chowdhury, managing director of Beximco Ltd, added that the company had tried relentlessly to keep the textile division operational until the government-mandated shutdown.

“Our primary concern was to protect the livelihoods of 42,000 workers and executives and to continue generating the nearly USD 40 million in monthly exports that sustained the business,” he said. “Despite immense financial challenges, we kept our modern machinery in running condition so the factories could restart at a moment’s notice. The revival agreement with REVIVAL now makes that possible.”

REVIVAL says, “With Japanese precision, US financial strength and the resilience of the Bangladeshi workforce, the revival of BEXIMCO Textile stands as a powerful symbol of economic renewal. As the machines prepare to restart and workers look forward to returning to the factory floor, the message is clear: a new chapter of hope and opportunity is unfolding for thousands of families—and for Bangladesh’s industrial future.”

Beximco Group Vice-Chairman Salman F Rahman was the private industry and investment advisor to ousted prime minister Sheikh Hasina. He was arrested after the Awami League government was toppled in a student-led uprising on Aug 5, 2024.

Since then, unrest has brewed among the companies of the Beximco Group, the country’s leading industrial group. Sixteen factories in Beximco Industrial Park were closed amid worker unrest.

Though 32 factories were listed at the Beximco Industrial Park, a government investigation committee subsequently found that only 16 existed.

The government said that loans of Tk 120 billion were taken out under the names of those 16 non-existent companies under the Awami League regime. In total, loans of Tk 299.25 billion were taken from various banks and financial institutions under the names of the 32 companies.

The loans defaults amounted to Tk 350 billion. Of this, Tk 230 billion belonged to Janata Bank.

Of the 16 “existing” companies in the industrial park, 11 were in the textile and apparel sector. They saw lay-offs until last January, after which they closed and did not reopen.

Following a government initiative REVIVAL agreed to reopen Beximco Textiles with a lease in August. Beximco Group also sent a letter of consent to the matter.

The Ministry of Labour and Employment coordinated the matter on behalf of the government. Bangladesh Bank, Janata Bank and the government held several meetings to pave the way for providing the necessary policy support.

Secretary of Labour and Employment AHM Shafiquzzaman said at the time: “Our ministry is mainly doing the coordination work. We are prioritising the employment and bank loan aspects. If the company is activated, it will be able to repay the bank money a little at a time. I know it will take a long time.”

He told bdnews24.com, “Beximco’s textile unit is export-oriented. They have machines, the setup is ready. We are prioritising employment. Even if we run it on a lease, some people will still be employed.”

The once-profitable Beximco Textiles’ major customer groups included Zara, Marks & Spencer, Target, American Eagle, Pull & Bear and Best Seller.
Once factories are operational, new financing will be needed for the first three months of operating expenses. After the closure in January, Beximco Group Head of Administration Abdul Qayyum said at a press conference with a group of workers and employees, “It will take Tk 1 billion per month in operating expenses to start the factories.”

He calculated at the time that it would be possible to repay a bank loan of Tk 4.5 billion per year after the factories opened, excluding operating expenses.