Martin Trust
{{Short description|American business person}}
{{Infobox person
| name = Martin Trust
| birth_date = 1934
| birth_place = Brownsville, Brooklyn, New York
| death_date = 12 September 2019
| death_place = Boston, United States
| nationality = American
| occupation = business person, entrepreneur
| known_for = Father of Apparel industry of Sri Lanka
| spouse = Dena Trust (m. 1960-2019)
}}
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.{{Cite web|url=http://www.ft.lk/other-sectors/mit-honours-%e2%80%98father-of-lanka%e2%80%99s-apparel-industry%e2%80%99-martin-trust/57-58743|title=MIT honours ‘father of Lanka’s apparel industry’ Martin Trust|website=www.ft.lk|language=English|access-date=24 September 2019}}{{Cite web|url=https://www.bostonglobe.com/metro/obituaries/2019/09/21/martin-trust-apparel-industry-entrepreneur-and-philanthropist/S5XPRES3gNO46RcpHuvE0O/story.html|title=Martin Trust, apparel industry entrepreneur and philanthropist, dies at 84 - The Boston Globe|website=BostonGlobe.com|language=en-US|access-date=24 September 2019}} 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.{{Cite web|url=https://www.srilanka-apparel.com/latest-news/414-brandix-leads-apparel-industry-in-tribute-to-martin-trust|title=Brandix leads apparel industry in tribute to Martin Trust|last=Tilakaratna|first=Gayan|website=www.srilanka-apparel.com|language=en-gb|access-date=24 September 2019}} He is still regarded as one of the pioneers of American fashion retail sector.{{cite news|url=http://www.thehindubusinessline.com/2008/03/29/stories/2008032951592100.htm|title=Bannari Amman-Brandot launches apparel plant|author=G. Gurumurthy|date=28 March 2008|access-date=24 September 2019|newspaper=The Hindu Business Line}} He died on 12 September 2019 at his home at the age of 84 in Boston, US.{{Cite web|url=http://www.sundaytimes.lk/190915/news/father-of-sri-lanka-apparel-industry-martin-trust-dies-in-the-us-368317.html|title=Father of Sri Lanka Apparel Industry, Martin Trust dies in the US|website=Times Online - Daily Online Edition of The Sunday Times Sri Lanka|access-date=24 September 2019}}
Early life
Career
He 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.{{Cite web|url=http://entrepreneurship.mit.edu/in-loving-memory-of-marty-trust/|title=In Loving Memory of Marty Trust|date=2019-09-15|website=The Martin Trust Center for MIT Entrepreneurship|language=en|access-date=24 September 2019}}
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. 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.{{Cite web|url=https://executive.mit.edu/openenrollment/program/entrepreneurship_development_program/|title=Entrepreneurship Development Program with Bill Aulet {{!}} MIT Sloan Executive Education|website=executive.mit.edu|access-date=2019-09-24}}{{Cite web|url=http://entrepreneurship.mit.edu/|title=The Martin Trust Center for MIT Entrepreneurship|website=The Martin Trust Center for MIT Entrepreneurship|language=en|access-date=24 September 2019}}
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.{{cite web|url=http://www.mast.com/about/timeline.htm|title=About Us|work=mast.com|publisher=Mast Industries Inc.|archive-url=https://web.archive.org/web/19991009125311/http://www.mast.com/about/timeline.htm|archive-date=9 October 1999|accessdate=24 September 2019|url-status=dead}} 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.{{Cite web|url=http://www.trustfamilyindustries.com/about-us/team|title=Our Team|website=www.trustfamilyindustries.com|access-date=24 September 2019}}
Personal life
Legacy
In 2011, the Massachusetts Institute of Technology (MIT) honored him by giving new services in respect of him.