Amsterdam-based sustainable fashion initiative Fashion for Good has announced the first recipient of the Good Fashion Fund, which aims to promote sustainable manufacturing practices.
Indian manufacturer Pratibha Syntex Limited, which supplies textiles and clothing to fashion giants like C&A, H&M, Patagonia and Zara, has received the long-term loan of $ 4.5 million.
The company was founded in 1997 in Pithampur, India, and is today recognized as a vertically integrated and sustainably oriented ‘farm to fashion’ textiles and clothing producer, employing over 6,000 people. and connecting 35,000 farmers and clothing brands from more than 20 countries. .
The company produces more than 40 million pieces of clothing per year.
The new capital will be used to replace the company’s machinery and develop its sustainable equipment in its spinning, processing and clothing divisions, resulting in a significant reduction in the consumption of water, energy and chemicals. , according to Fashion for Good.
“With the capital provided by the Good Fashion Fund, Pratibha Syntex can invest to ensure a sustainable future for our processes, which will have positive and cumulative effects throughout the value chain,” said Shreyaskar Chaudhary, Managing Director of Pratibha Syntex, in a statement.
The Good Fashion Fund, with a target size of $ 60 million, was launched in 2019 to lead systemic change in the apparel and footwear supply chain by investing in the implementation of innovative technologies in India, Bangladesh and Vietnam.
It is a collaboration between Fashion for Good, Laudes Foundation, The Mills Fabrica based in Hong Kong and consultancy firm Fount.
Fund Director Bob Assenberg described the investment made with Pratibha Syntex as “a monumental first step” for the Good Fashion Fund.
“We are very excited to collaborate with Pratibha and are committed to making a positive change in the apparel value chain and look forward to making more investments with manufacturers, brands and technology companies. avant-garde in the region, ”said Assenberg.