Although it wasn’t a big surprise (as the Indonesia Stock Exchange had already suspended trading of the company’s shares since May 2021), it was still shocking to read that Indonesian textile giant Sri Rejeki Isman (Sritex), which is one of the older generations of companies in Indonesia, was officially declared bankrupt by the Semarang City Commercial Court on 23 October 2024.

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Sri Rejeki Isman (Sritex), one of Indonesia's leading textile and garment manufacturers, plans to acquire a German military uniform manufacturer. Iwan Kurniawan Lukminto, Vice President Director of Sritex, said the acquisition of the German company should be completed in 2017. The aim of this acquisition is to enhance Sritex' business in the European Union. The German uniform manufacturer will be the "extended arm" of Sritex in Europe according to Lukminto's words. Currently, about 15 percent of Sritex' total export revenue is generated from shipments to Europe.

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Indonesia Investments has added the company profile of Sri Rejeki Isman, better known as Sritex, in the Indonesian Companies section. Sritex is a vertically integrated textile and garment producer in Indonesia. The company, Southeast Asia’s largest textile manufacturer, has four production units: spinning, weaving, dyeing and garment. Sritex manufactures yarn, greige, fabrics and apparel that are sold to textile producers and retailers in 55 countries across the globe.

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There emerged rising competition on the textile market in the Asia-Pacific after wage growth occurred in the textile industries of China and Bangladesh. This situation should be positive for Indonesian textile and garment manufacturer Sri Rejeki Isman (Sritex) because rising production costs of foreign competitors improve the competitiveness of Sritex products.

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