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Good Fashion Fund to help Indian firm Pratibha Syntex go sustainable

29
Jun '21
Pic: Good Fashion Fund
Pic: Good Fashion Fund
Good Fashion Fund, the Fashion for Good initiated fund to drive sustainable manufacturing practices, has signed its first deal with Indian manufacturer Pratibha Syntex Limited. The $4.5 million long-term loan will support Pratibha Syntex's planned capital expenditures for replacing machinery and expansion of sustainable equipment in various divisions.

The $4.5 million investment will replace machinery in the spinning, processing, and garmenting divisions, as well as provide new equipment for the expansion of their activities and facilities. The new equipment will lead to a significant reduction in water, energy and chemical usage. This will enable Pratibha Syntex to meet the manufacturing demands of its clients, whilst furthering their sustainability agenda to meet their climate positive ambitions.

Pratibha Syntex supplies textiles and garments to popular brands including C&A, H&M, Patagonia and Zara. It is a sustainably oriented, vertically integrated ‘farm-to-fashion’ textile and garment producer founded in 1997 in Pithampur, India. The company employs over 6,000 persons, connects 35,000 farmers and apparel brands from over 20 countries, for whom they produce over 40 million garments annually.

Apart from manufacturing cotton, fibres, fabrics and apparel, Pratibha Syntex Limited is also engaged in social initiatives to generate employment for women in rural communities, Netherlands-based Fashion for Good said in a press release.

“With the capital provided by the Good Fashion Fund, Pratibha Syntex can invest in securing a sustainable future for our processes which will have positive, compounded effects along the value chain. We’re extremely pleased with the partnership and excited to continue on our journey for positive impact,” said Shreyaskar Chaudhary, managing director, Pratibha Syntex Limited.

The Good Fashion Fund is initiated by Fashion for Good, launched in 2019, and is a collaboration between Laudes Foundation, Hong Kong-based The Mills Fabrica and FOUNT. The vision for the Good Fashion Fund is for manufacturers in the apparel supply chain to invest and reinvest in innovations that deliver both economic growth and good fashion practice.

FOUNT provides investment and fund management expertise in emerging countries while Fashion for Good (also acting as sub-advisor to the fund) provides an unrivalled industry network and strong deal pipeline, as well as access to innovations and technical knowledge.

With a target size of $60 million, the fund provides long term funding to apparel and textile manufacturers in Asia, mainly in India, Bangladesh and Vietnam, to implement impact technologies. The fund aims to mobilise the use of safe and recyclable materials, clean and efficient energy, closed-loop manufacturing and the creation of better working conditions and fair jobs and growth.

Fibre2Fashion News Desk (KD)


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