Martin Trust also known as Marty Trust (1934 – 2019) was an American business magnate entrepreneur and philanthropist who was also known for his contributions to the economy of Sri Lanka by modernising the country's apparel industry.[1][2] He is also known as the 'father of the modern Sri Lankan apparel industry', as he was instrumental in making the country one of the global leaders in the apparel industry.[3] He is still regarded as one of the pioneers of American fashion retail sector.[4] He died on 12 September 2019 at his home at the age of 84 in Boston, US.[5]
Martin Trust | |
|---|---|
| Born | 1934 |
| Died | 12 September 2019 |
| Nationality | American |
| Occupation(s) | business person, entrepreneur |
| Known for | Father of Apparel industry of Sri Lanka |
| Spouse | Dena Trust (m. 1960-2019) |
Early life
editMartin was born in Brooklyn, New York in 1934 in a middle class family. He joined his father Max Trust on his bread truck routes, delivering bread from the factories to restaurants.[2]
Career
editHe received his Bachelor's degree in mechanical engineering from the Cooper Union for the Advancement of Science and Art and after graduation, he decided to enter into the apparel industry.[6]
He co-founded the MAST Industries with small capital along with his wife in 1970, which later went onto become one of the important fashion industries in US.[6] In 1978, Limited Brands acquired MAST Industries. He also introduced the Martin Trust Center for MIT Entrepreneurship in 1990s which is a scholarship scheme to the Massachusetts Institute of Technology.[7][8]
Trust began working with the Sri Lankan textiles and apparel companies in 1985. Trust continued to work with those companies, establishing MAST Industries first joint venture with Sri Lanka's Omar Group (formerly called as LM Apparels, part of Brandix) in 1986.[9] In 1987, the MAST Industries under Trust's leadership established another joint venture with Amalean Group of Sri Lanka.
Trust invested in over twenty different businesses in Sri Lanka over a period of thirty years, which enabled the growth in the Sri Lankan economy. In 1994, the Government of Sri Lanka honored him by awarding the title, Sri Lanka Ranjana, for his outstanding and active involvement in the development of the country’s apparel industry. He also founded Trust Family Industries in 2001 and launched Brandot International in the same year.[10]
Personal life
editHe met Diane, who was later known as Dena, Kagen in 1957, and they married three years later.[2]
Legacy
editIn 2011, the Massachusetts Institute of Technology (MIT) honored him by giving new services in respect of him.[1]
References
edit- ^ a b "MIT honours 'father of Lanka's apparel industry' Martin Trust". www.ft.lk. Retrieved 24 September 2019.
- ^ a b c "Martin Trust, apparel industry entrepreneur and philanthropist, dies at 84 - The Boston Globe". BostonGlobe.com. Retrieved 24 September 2019.
- ^ Tilakaratna, Gayan. "Brandix leads apparel industry in tribute to Martin Trust". www.srilanka-apparel.com. Retrieved 24 September 2019.
- ^ G. Gurumurthy (28 March 2008). "Bannari Amman-Brandot launches apparel plant". The Hindu Business Line. Retrieved 24 September 2019.
- ^ "Father of Sri Lanka Apparel Industry, Martin Trust dies in the US". Times Online - Daily Online Edition of The Sunday Times Sri Lanka. Retrieved 24 September 2019.
- ^ a b "In Loving Memory of Marty Trust". The Martin Trust Center for MIT Entrepreneurship. 2019-09-15. Retrieved 24 September 2019.
- ^ "Entrepreneurship Development Program with Bill Aulet | MIT Sloan Executive Education". executive.mit.edu. Retrieved 2019-09-24.
- ^ "The Martin Trust Center for MIT Entrepreneurship". The Martin Trust Center for MIT Entrepreneurship. Retrieved 24 September 2019.
- ^ "About Us". mast.com. Mast Industries Inc. Archived from the original on 9 October 1999. Retrieved 24 September 2019.
- ^ "Our Team". www.trustfamilyindustries.com. Retrieved 24 September 2019.