Keya Cosmetics Limited has announced the permanent closure of its factories due to ‘ongoing challenges in the market’ from May next.
In a media release on Thursday, the company cited market instability, discrepancies in accounts with its bank, shortages of raw materials and declining production activities as the primary reasons behind the decision.
The factory is scheduled to cease all operations from 1 May 2025. Besides, the dyeing and utility division of the company will be permanently shut down from 25 May 2025.
This development marks a significant shift for Keya Cosmetics, which has been a key player in the cosmetics and personal care industry. The company has yet to release details about its future strategy following the closure.
The decision comes amidst growing concerns over market conditions and the financial pressures faced by businesses in the sector.
Keya Cosmetics’ management has expressed regret for the situation but emphasised the necessity of the move to address the challenges at hand.