About MAS Holdings
MAS Holdings is a global apparel technology conglomerate providing concept-to-delivery solutions to many of the world's leading apparel brands.
As a hub for apparel innovation and technology, we develop solutions that address evolving consumer and industry needs, while advancing product performance, functionality, and sustainability.
Across our operations, our products span key segments including intimate wear, sports and activewear, swimwear, performance apparel, FemTech, and wearable technology. Our integrated capabilities span design, product development, fabric and material engineering, manufacturing, and logistics, supported by a global network of design hubs and manufacturing facilities.
In addition to our core operations, we continue to build on these capabilities by expanding our ecosystem through ventures and emerging apparel technologies, including sustainable material solutions, while integrating sustainability and ethical manufacturing across our operations.
- Legal Form:
- Private Limited Company
- Headquarters:
- Sri Lanka
- Reporting Currency:
- USD & LKR
Scale and Reach
We are among the largest apparel vendors to several of the world's leading brands, serving a diverse portfolio that spans global apparel and retail conglomerates as well as emerging brands operating at the forefront of fashion, technology, and sustainability.
Serving Leading Global Brands
• Victoria's Secret• PINK• NIKE• lululemon• Calvin Klein• Gap• Athleta• Marks & Spencer• Hanes Brands• Speedo• Aerie• Ralph Lauren• Tommy Hilfiger• Hugo Boss• New Balance• Patagonia• Walmart• Target• Lindex• Lacoste• Gymshark• Soma• MeUndies• Tchibo• Odlo• Arcteryx• Adore Me• Everlane• Skims• Savage x Fenty• Decathlon• Jockey– and others
Background to this Report
This Report presents MAS Holdings' (MAS) Annual Impact Report for 2025, offering a comprehensive overview of our ongoing commitment to responsible and impactful operations.
As we reach the culmination of our MAS Plan for Change (2020–2025), this Report reflects performance in the final year of our five-year strategy cycle. It highlights key milestones and outcomes achieved over the period, while also providing perspective on successes, challenges, and lessons learned.
The Report is structured around the Group's material topics, and presents our progress through a combination of quantitative performance data, case studies, and impact stories from our employees, partners, and beneficiaries — demonstrating the tangible outcomes of our collective efforts.
Reporting Period and Cycle
The 2025 Impact Report covers the period from 1 January 2025 to 31 December 2025, aligned with the organisation's financial reporting cycle. The Report is published on an annual basis, with the 2025 Impact Report published in June 2026.
Building on this foundation, the Report also introduces MAS' Plan for Change 2030, launched in 2025, which sets a more ambitious direction to drive deeper impact across Products, Lives, and Planet.
Our Public Reporting Suite
This Annual Impact Report serves as the Group's primary sustainability report, published by MAS Holdings (Private) Limited, (referred to in this Report as “MAS”, “MAS Holdings”, or “the Group”).
Since 2020, the Report also functions as MAS' Communication on Progress (COP) against the Ten Principles of the United Nations Global Compact (UNGC).
In addition to statutory reporting carried out across our countries of operation, MAS also reports to the International Finance Corporation (IFC), outlining compliance with applicable IFC guidelines.
Reflecting our continued commitment to transparency and consistency, the 2025 Report, published in June 2026, marks the third consecutive report prepared in accordance with the Global Reporting Initiative (GRI) Standards.
Carbon Disclosure Project
GRI Standards
UN Global Compact (Communication on Progress)
International Finance Corporation (IFC) Guidelines
UN Sustainable Development Goals
Reporting Scope and Boundary
For consistency and comparability, the Report adopts a reporting boundary that primarily reflects the sustainability performance of our wholly owned subsidiaries.
In addition, where relevant and feasible, we incorporate sustainability information from joint ventures where MAS exercises operational control, to provide a more comprehensive view of our impact.
Given the interconnected nature of the apparel ecosystem, our impacts extend beyond internal operations. Accordingly, we aim to define reporting boundaries that present a holistic and transparent perspective of our influence.
There were no changes to the reporting scope and boundary during the year.
- MAS Capital (Private) Limited
- MAS Active (Private) Limited
- Bodyline (Private) Limited
- Linea Aqua (Private) Limited
- Noyon Lanka (Private) Limited
- Silueta (Private) Limited
- MAS Legato (Private) Limited
- MAS Fabrics (Private) Limited
- MAS Fabric Park (Private) Limited
- MAS Unichela (Private) Limited
Relationship to MAS Holdings during the reporting period
- Wholly owned, direct
- Wholly owned, indirect
- Joint venture
Restatements of Information
There were no material restatements of information reported in 2025.
MAS continues to strengthen its data collection methodologies and align reporting practices with evolving standards. Where relevant, limitations in historical data availability and changes in scope or boundary may affect comparability across reporting periods.
Data Integrity and Assurance
We are committed to maintaining the accuracy, transparency, and reliability of our disclosures. Wherever possible, we utilise standardised metrics and objectively verifiable indicators to track progress against our sustainability targets.
Data Management and Validation
Group-level Centres of Expertise (COEs) and Global Reporting functions support the collation, validation, and consolidation of data across the organisation.
Leadership Oversight
Sustainability disclosures are reviewed by senior leadership, with CEOs providing direct oversight of Plan for Change reporting.
Internal Assurance
Our sustainability audit teams play an ongoing role in reviewing and validating information presented in the Report, strengthening governance and accountability across the reporting process.
External Assurance
MAS continues to obtain independent external assurance for its sustainability disclosures.
For 2025, assurance was conducted by Ernst & Young, covering disclosures aligned with GRI Standards, including GRI 2, GRI 3, and related material topics. The engagement was carried out as a limited assurance exercise.
Feedback and Contact
We welcome feedback, suggestions, and perspectives to further strengthen the quality and effectiveness of our reporting and sustainability journey.
For feedback and clarifications, please contact:
Sithari Perera
Manager
Strategic Planning and Investments
MAS Holdings (Private) Limited
No. 199, Kaduwela Road, Battaramulla, Sri Lanka
The MAS Story
A Journey of Transformation
Every transformation has a beginning.
For MAS, that journey began decades ago when Mahesh Amalean, Ajay Amalean and Sharad Amalean set out with a simple, yet ambitious idea: that Sri Lanka could build a world-class apparel industry rooted in craftsmanship, innovation and strong values.
What began as a small manufacturing venture has grown into a two-billion-dollar global apparel technology and manufacturing leader, partnering with many of the world's most recognised brands.
Along the way, MAS has steadily strengthened its capabilities, invested in its people and redefined what responsible manufacturing can look like.
Yet at its core, the MAS story is one of continuous reinvention and transformation.
Today, as the apparel industry navigates a rapidly evolving landscape shaped by climate pressures, resource constraints and social expectations, MAS is reshaping its business to create value that extends far beyond products.
Read on to discover our Plan for Change.
Thejourneycontinues…
Our Foundation
- Purpose
To Be Changemakers – enabling dreams and enriching the fabric of life on our planet.
- Vision
We see a day when we clothe the world with possibility, our people and partners realise their dreams and sustainability is woven into the fabric of our industry.
- Mission
- We inspire our PEOPLE to change the world for good.
- We innovate PRODUCTS that are human-centred and sustainable.
- We build PARTNERSHIPS to excel and achieve ambitious profitable growth, together.
The MAS DNA
Guiding Principles
The MAS DNA represents the values, behaviours and governance principles that guide how we think, act and conduct business. Rooted in the culture shaped by our founders, it defines the standards that underpin our relationships with our people, partners and stakeholders.
For more details on conflict of interest policies, anti corruption and fraud prevention mechanisms, please refer page 29 of our DMMT.
Values
The Foundation of our Culture
- Honesty and Integrity
- Trust and Mutual Respect
- Freedom with Accountability
- Humility
- Passion for Excellence
- Entrepreneurial and Innovative
- Giving Back
Policies
How our Standards are Upheld
Code of Conduct Related Policies
- Equal Opportunity and Anti-Harassment Policy
- Conflict of Interest Policy
- Gift Policy
- Social Media Policy
- Confidentiality and Data Protection Policy
- Intellectual Property Policy
Administrative Policies
- Information System Usage Policy
- Flexible Working Policy
- Leave Policy
- Electioneering Policy
Behavioural Pillars
How we Bring our Values to Life
- Respecting People
- Protecting Assets
- Valuing Customers
- Sustaining Relationships
- Nurturing Communities
- Competing Ethically
- Complying with the Law
The Plan for Change
Turning Ambition into Action
Launched in 2020 as a five-year roadmap to 2025, the Plan for Change outlines MAS' commitments to drive sustainable progress across our products, people and the planet.
Through experimentation, collaboration and sustained commitment, progress has taken shape across three interconnected areas of focus. Together, these pillars guide transformation across the MAS value chain, spanning design and materials to manufacturing operations and community impact.
ProductsChanged for Good
50% revenue generated through sustainable products by 2025
Innovate and Disrupt
Innovate the way products are made so they can last longer, use fewer resources and be recycled after use.
Source Sustainably
Partner with the supply chain to responsibly source and develop organic, natural and recycled raw materials.
Pioneer Circularity at Scale
Close the loop by using post-consumer waste to create new products.
LivesChanged for Good
Empowering Women
Empower 100% of women on the factory floor and achieve 30% women in management.
Meaningful Employment
Accelerate employee wellbeing and work-life balance. Ensure and elevate sustainable compensation for all employees. Foster diversity and inclusion with freedom of expression and identity for all
World-class Workplaces
Be first-in-class for working conditions in our industry
Thriving Communities
Enable positive impact in the communities where we operate.
Our PlanetChanged for Good
Limit Emissions
Reduce emissions footprint by 25.2%.
Transform Waste
Value enhance 100% of non-hazardous waste.
Responsible Chemical Use
Achieve zero toxic products and processes.
Safeguard Water
Achieve zero impact to MAS' operations and mitigate negative impact to the environment and community.
Champion Biodiversity
Restore biodiversity in 100x the space we occupy.
Our Global Reach
Connecting People, Ideas and Opportunity
Building on decades of growth, MAS today operates across a global network of manufacturing facilities and design hubs, bringing together talent, partnerships, capabilities, and expertise to support leading apparel brands worldwide.
0
Employees across the Group
0
Countries with MAS operations
0
Manufacturing facilities and design hubs
0+
Global brand partnerships
0years
Industry leadership in apparel manufacturing
An Ecosystem that Drives Growth
Product and Manufacturing Capabilities
MAS operates across specialised product platforms, advanced manufacturing capabilities and continuous innovation to support global brands and advance responsible apparel production.
Across our operations, the Group brings together product expertise, material engineering and technical manufacturing capabilities to develop apparel solutions that strive to achieve a balance between performance, functionality and sustainability.
We offer specialised expertise across diverse apparel categories
We combine advanced garment engineering with deep material expertise to support high-performance apparel production.
- Apparel engineering and technical product development
- Precision garment construction
- Digital design and prototyping
- Advanced finishing and embellishment techniques
- Fabric engineering and development
- Dyeing and finishing technologies
- Elastics and trims
- Lace development
- Printing technologies
- Functional material integration
Innovation plays an important role in MAS' continued evolution.
Through Twinery, the Group's innovation arm, MAS explores technologies that enhance the functionality, performance and sustainability of apparel, including developments in smart textiles, materials engineering, lighting and heating technologies, odour protection and water-repellency.
An Integrated Supply Chain
MAS' global ecosystem is supported by a vertically integrated supply network that connects materials, design, manufacturing and strategic partnerships across multiple regions. This enables greater transparency, collaboration and efficiency across the apparel value chain. Beyond manufacturing, MAS' operations also include industrial parks, innovative brands, logistics and warehousing solutions that support us throughout the product lifecycle.
A diverse supplier network supporting MAS' integrated supply chain
Global sourcing footprint across MAS' apparel value chain
Strategic partnerships enabling deeper collaboration across MAS' global apparel ecosystem
Finished Garment
Finished Garment
Economic Value Creation
Value for People, Communities and Economies
Economic value creation reflects the broader impact our operations generate across people, communities and the industry ecosystem. While maintaining a strong and resilient business remains essential, we also recognise the wider role our operations play in supporting livelihoods, strengthening local economies and advancing responsible industry practices.
Through our global operations, partnerships and investments, MAS contributes to long-term economic opportunity while helping shape a more resilient and sustainable apparel industry.
- Industry Advancement
Working with global brands and partners to develop more responsible products, materials and supply chains.
- Employment and Opportunity
Providing meaningful employment and professional development opportunities across our global workforce.
- Responsible Investment
Investing in innovation, sustainable manufacturing technologies and future-ready capabilities that support responsible production.
- Community Development
Supporting initiatives that strengthen education, wellbeing and economic resilience in the communities where we operate.
0
total training hours
0+
vendors supported across MAS operations
0%
Local procurement spent across key sourcing regions
0.0 Mn
Beneficiaries through corporate citizenship activities since 2017
