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Otto plans to set up textile unit in Bangladesh
01
Nov '10
Germany's Otto GmbH and Co KG has decided to establish a textile unit in Bangladesh in conformity with the social business model. The company has close ties with Bangladesh for decades and it intends to set up a factory in the country.

In November, 2009, the company had signed a deal with the Grameen Trust to initiate a joint venture – Grameen Otto Textile Company, which will manufacture readymade apparels for the global market under socially and ecologically sustainable conditions.

Both are expected to have a fifty-fifty partnership in the joint venture. Otto is likely to extend the entire funding whereas Grameen is expected to provide the necessary technical knowledge and vast set of connections.

Otto has several social business enterprises in Africa. Five years ago, the company had started social business in several African countries in order to enable cotton growers to cultivate higher-yield crops. The company has imparted training to the cotton growers.

The venture has been a real success. Currently 150,000 cotton growers are working for the undertaking.

Otto Group is a leading corporation with 123 major companies, 50,000 employees working in 20 countries. It is family-owned global business and service corporation.

It is the world's largest mail order company and comes next in ranking only after Amazon to have the second largest online marketing network.

Fibre2fashion News Desk-India


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