The $ 4.5 million investment will replace machinery in the spinning, processing and garment sectors, providing new equipment to expand its business and facilities. The new equipment will significantly reduce the amount of water, energy and chemicals used. This allows Pratibha Syntex to lead a sustainability program to meet customers’ manufacturing demands while meeting their positive climate change ambitions.
Pratibha Syntex supplies textiles and clothing to popular brands such as C&A, H&M, Patagonia and Zara. Founded in 1997 in Pitampur, India, it is a sustainable producer of vertically integrated ‘farm to fashion’ textiles and clothing. With more than 6,000 employees, the company connects 35,000 farmers in more than 20 countries with clothing brands and produces more than 40 million clothes per year.
In addition to manufacturing cotton, textiles, fabrics and clothing, Pratibha Syntex Limited is also working on social initiatives aimed at creating jobs for women in rural areas, Dutch company Fashion for Good said in a statement from hurry. Declared.
âWith the capital provided by the Good Fashion Fund, Pratibha Syntex can invest to secure a sustainable future for processes that have a positive combined effect along the value chain. Managing Director of Pratibha Syntex Limited. Shreyaskar Chaudhary said:
The Good Fashion Fund is a collaboration between The Mills Fabrica, based in Hong Kong and FOUNT, launched by Fashion for Good, launched in 2019. The vision of the Good Fashion Fund is for manufacturers in the clothing supply chain to invest and reinvest in innovations that allow both economic growth and good fashion practices.
FOUNT provides investment and fund management expertise in emerging markets, and Fashion for Good (also acting as the fund’s sub-advisor) benefits from an unrivaled industry network and strong trading pipeline, as well as innovations and technical knowledge. Gives access to.
With a target size of $ 60 million, the fund provides long-term financing to garment and textile manufacturers in Asia, primarily India, Bangladesh and Vietnam to implement impact technology. The fund aims to mobilize the use of safe and recyclable materials, clean and efficient energy, closed-loop manufacturing, better working conditions and the creation of equitable jobs and growth.
Fiber2Fashion Press Office (KD)
The Good Fashion Fund, a fund initiated by Fashion for Good to promote sustainable manufacturing practices, signed the first contract with Indian manufacturer Pratibha Syntex Limited. The long-term loan of $ 4.5 million will support Pratibha Syntex’s planned capital spending for machinery replacement and sustainable expansion of equipment in various sectors.
Good Fashion Fund to support the sustainability of the Indian company Pratibha Syntex
Source link Good Fashion Fund to support the sustainability of Indian company Pratibha Syntex